June Market Trend Data from Land Registry

The June data shows an annual price increase of 5.4% which takes the average property value in England and Wales to £181,619 overtaking the previous peak of £180,983 in November 2007. Monthly house prices up 1.1% since May 2015.

The regional data indicates that:

  • The region with the most significant annual price increase is London with a movement of 9.2%
  • The North East experienced the greatest monthly rise with a movement of 3%
  • Yorkshire & The Humber saw the lowest annual price increase of 1.4%
  • Yorkshire & The Humber also saw the largest monthly price decrease with a fall of 0.9%

Sales and repossessions during April 2015, the most up-to-date figures available, show that:​

  • the number of completed house sales in England & Wales decreased by 19% to 57,180 compared with 70,244 in April 2014
  • the number of properties sold in England and Wales for over £1 million decreased by 22% to 874 from 1,114 a year earlier
  • repossessions in England and Wales decreased by 48% to 505 compared with 974 in April 2014
  • the region with the greatest fall in the number of repossession sales was the East.

Access the full June report https://www.gov.uk/government/statistical-data-sets/house-price-index-statistical-report

The Price Paid Data includes details of 76,360 residential property sales in England and Wales lodged for registration in June 2015. The most expensive sale in June 2015 was in London NW8 (£22.5m). The cheapest sale in June 2015 was in Grimsby, Lincolnshire (£9,431).

Access the full dataset https://www.gov.uk/government/collections/price-paid-data

Eddie Goldsmith, Chairman of the Conveyancing Association, comments:

“The figures show that house sale completions decreased by 19% to just over 57,000 in the 12 months from April 2014. While this suggests that activity has tempered it is important to remember that the General Elections held in May of this year had a significant impact on the market – and that an average value increase of 5.4% nationally means growth continues to be healthy.

“This is also a good point in the year to take stock and be reminded that we are only really looking for a significant pick-up in activity come October / November once the summer months – usually a quieter period – are out of the way.

“In the meantime, the decrease in sales of properties worth over £1m is unsurprising given the looming prospect of the introduction of a Mansion Tax on homes of this value and above. Nevertheless, while property values in the centre of London have reached an average of well over £1m, prices in the capital continue to rise steadily, with a growth rate of 9.2%, as foreign investors continue to drive this.

“As we move into the second half of the year, the prospect of an increase in interest rates will have an impact on the market. With rages now rising, households still have considerable debt and any upward change will undoubtedly make people think twice before moving.”

Today's Conveyancer