Repossessions drop almost a third, shows Land Registry data

The October data from Land Registry's House Price Index shows an annual price increase of 3.1% which takes the average property value in England and Wales to £165,515.

Related topics:  Mortgages
Amy Loddington
28th November 2013
Mortgages

The monthly change from September to October shows a decrease of 0.2%. Repossession volumes decreased by 29% in August 2013 to 1,200 compared with 1,682 in August 2012.

The region in England and Wales which experienced the greatest increase in its average property value over the last 12 months is London with a movement of 8.7% Wales experienced the greatest monthly rise with a movement of 2.4%.

The region with the greatest annual price fall is the North East with a decrease of 0.8%, with the North East seeing the most significant monthly price fall with a movement of -3.1%.

The most up-to-date figures available show that during August 2013 the number of completed house sales in England & Wales increased by 15% to 74,767 compared with 65,014 in August 2012

The number of properties sold in England and Wales for over £1 million in August 2013 increased by 27% to 1,104 from 871 in August 2012

The region with the greatest fall in the number of repossession sales was the South East where repossessions dropped by 41% (115 in August 2013 compared with 196 in August 2012)
 


Brian Murphy, head of lending at Mortgage Advice Bureau, comments:

“The latest Land Registry data reveals a measured rise in house prices this year, with an annual change of 3.1% bringing the average house price in England and Wales to £165,515. This reflects a surge of consumer confidence in 2013, as potential buyers – bolstered by falling rates and government assistance through Help to Buy – were increasingly drawn to the housing market.
 
“However, this rise is far from meteoric and the news that house prices are down 0.2% month-on-month should help to quell fears of excessive price inflation. The Bank of England’s decision to withdraw the Funding for Lending Scheme from the mortgage market from January will clearly impact mortgage rates, but it should also ensure a measure of calm going into 2014.
 
“A steady rise in house prices remains positive news, especially as they are returning from a low base brought on by the 2007 recession. Help to Buy will ensure demand and consumer confidence continues to grow in the wake of FLS, while a responsible attitude to lending and a watchful eye from the Bank of England will continue to nurture the seeds of recovery seen this year.”

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