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rantnrave

Land Reg Feb 2014

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Full report and details:

February Market Trend Data from Land Registry

  • February house prices up 0.7 per cent since January 2014
  • February house prices up 5.3 per cent since February 2013
  • Average house price in England and Wales now £170,000 compared with the peak of £181,658 in November 2007
  • 966 repossessions in England & Wales during December 2013
  • South East tops the table of regional applications with 297,964 in February
  • Over 70,500 residential properties in England and Wales lodged for registration in February ranging from £11,500 to £21,750,000

The February data from Land Registry's House Price Index shows an annual price increase of 5.3 per cent which takes the average property value in England and Wales to £170,000. The monthly change from January to February shows an increase of 0.7 per cent. Repossession volumes decreased by 24 per cent in December 2013 to 966 compared with 1,278 in December 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 13.8 per cent.
  • Wales experienced the greatest monthly rise with a movement of 1.6 per cent.
  • The North East experienced the only annual price fall of 1.3 per cent.
  • The North East also saw the most significant monthly price fall with a movement of -1.4 per cent.
  • The most up-to-date figures available show that during December 2013 the number of completed house sales in England & Wales increased by 33 per cent to 75,182 compared with 56,697 in December 2012.
  • The number of properties sold in England and Wales for over £1 million in December 2013 increased by 44 per cent to 898 from 624 in December 2012.
  • Wales is the only region with an increase in repossession sales in December 2013 (up 6 per cent)
Edited by rantnrave

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Aljabeeba unusually reporting on these Land Reg figures

Land Registry figures show two-paced housing market

More evidence of a two-paced housing market has been revealed in the latest property price figures from the Land Registry.

House prices rose by 13.8% in the year to the end of February in London, but fell by 1.3% in north-east England.

The average home in England and Wales cost £170,000 in February, the Land Registry said.

This was up 5.3% on a year earlier but was still more than £11,000 below the price peak of November 2007.

Lender checks

Price rises in London soared above this annual average increase, with a home in the UK capital typically valued at £414,356.

There was a 7.1% annual increase in the rest of south-east England, taking the average home to £223,733, the Land Registry said.

Price increases have been driven by flats. Prices rose by 7.6% in the year to the end of February.

But the acceleration in property values has not been matched north-east England, where the average price stood at less than £100,000 in February.

Oliver Atkinson, director of online estate agents urbansalesandlettings.co.uk, said: "What this data once again underlines is that there are very much two property markets in the UK at present. One that's 'foot to the floor' and one that's still flagging."

The figures come the day after the Bank of England said it would test whether lenders could withstand a shock in the property market. It found buyers were spending a higher proportion of their incomes on mortgages than at any time since 2005.

The bank's Financial Policy Committee (FPC) said it would be "vigilant to emerging vulnerabilities" - in other words, the possibility of a housing bubble.

Peston's made a video about it too: Who can afford a £25m London home?

http://www.bbc.co.uk...siness-26779270

Edited by rantnrave

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