Change in house sales according to HPI data
There has been a 0.2% seasonally adjusted rise in home sales between November and December 2016 according to recent data from UK Property Transactions.
However, there has still been a fall in numbers when compared to the same period last year; the number of property sales in December 2015 was 8.5% higher.
The number of completed house sales can also be compared by using the most recent statistics from Land Registry. Across both England and Wales, a decline in sales can be observed when looking at the number which occurred in October 2016 and those which took place during the same period in 2015.
In England, completed house sales during October 2016 totalled 58,853 in comparison with 2015’s figure of 89,884. This represents a fall of 34.5%. In monthly terms
Total house sales in London dropped by almost half to 6,166. Compared to October 2015’s figure of 11,200, this is a drop of 44.9%.
In Wales, total completed house sales reached 3,415 in October 2016, whereas 2015’s figure for the same month was 4,610. This represents a 25.9% decline.
During October 2016, there were 617 repossession sales in England with the majority taking place in the North West (122). The fewest occurred in the East of England, where repossessions totalled just 11.
In Wales, October 2016 saw a total of 53 repossessions.
In regards to house prices, the UK December Housing Price Index (HPI) data indicates an annual growth of 7.2%, taking the average UK property value to £219,544.
For England, the same statistics have shown an annual price rise of 7.7%, bringing the total average property value to £236,424. In comparison with November 2016, this is an increase of 1.6%. London has seen house prices rise annually by 7.5%, with the average prices reaching £483,803.
The annual price increase in Wales has reached 4.7% according to the HPI data, taking the average price of a property to £148,177. This is a 1% rise in monthly terms.