The regional data indicates that the capital experienced the greatest increase in its average property value over the last 12 months with a movement of 12%. The greatest monthly rise was experienced in the North West with a movement of 2.6%. In the North East the lowest annual price growth was recorded with a movement of 0.1%.Yorkshire & The Humber saw the largest monthly price fall of 1.5%.
Sales and repossessions data for November 2014 show that the number of completed house sales in England & Wales decreased by 19% to 68,107 compared with 83,726 in November 2013. The number of properties sold in England and Wales for over £1 million decreased by 18% to 869 from 1,060 a year earlier. Repossession volumes in England and Wales decreased by 47% to 687 compared with 1,286 in November 2013. London was the region with the greatest fall in repossession sales.
Stephen Smith, Director, Legal & General Mortgage Club and Housing, had this to say: “The housing market seems to have continued its forward momentum as prices are again on the rise. Homeowners may welcome this increase to their property’s value, but the fact is, rapid house price growth is not beneficial in the long term. To achieve a healthy and sustainable market, where families are not priced out of certain areas, house prices need to grow at a similar rate to inflation.
With demand for housing still strong, prices will continue to be pushed up unless we find a lasting solution. Put simply we need to build more houses. This issue is very topical at the moment and has firmly claimed its place on the political agenda as we run up to the election. However, there is still much work to be done to reach a balance between supply and demand to it is important that political parties do not become complacent.”
