Tuesday, May 31, 2011

April Land Registry Prices +0.8%

HPI Report April 2011

Land Registry: April house prices up 0.8 per cent since March: average house price in England and Wales now £163,083 London’s monthly house price change shows an increase of 3 per cent. This brings the average property price in the capital to £352,187. In comparison to this, the figure for England and Wales as a whole is currently £163,083. London's annual change now stands at 5 per cent, which is much stronger growth than that seen by any other region in England and Wales.

Posted by khards @ 11:13 AM (1959 views)
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11 thoughts on “April Land Registry Prices +0.8%

  • I no longer believe anything I read …………

    I can’t see any volume of home sales here Bristol / S West, don’t see any real increase in business (I own two small businesses), see no real improvement in unemployment (or new jobs advertised locally). Everything seems as if it has stagnated, bar the continual rise bin the cost of living

    I keep waiting in vain for the next leg of the house price correction to start …….

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  • mark wadsworth says:

    HMLR’s April figure is based on sales in March, and that 0.8% figure looks a lot more reliable that Nationwide which said average house price went up 2.2% in March.

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  • Hmph. It’s not so great if you’re trying to buy in London but almost everywhere else is down on annual change.

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    Fcator in inflation and future IR rises …

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  • ontheotherhand says:

    Very low volume;

    “The number of recorded property transactions has decreased over the last 12 months, from an average of 54,479 sales per month in November 2009 to February 2010, to an average of 46,818 in the same months a year later.”

    “Price index volatility is greater in areas where recorded sales volumes are low. Index volatility leads to erratic and high changes in reported price.”

    Volumes are dropping off fastest in the £300-400 range. I wonder why that is? Could it be that these sellers who are up the chain are equity rich so on relatively small mortgages so they can sit it out? Could it be that they can’t find buyers from beneath them in the chain?

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  • Great……at 5% up yoy in London I can forget about that luxurious broom cupboard I was dreaming about. It’ll be a wardrobe at best now or just forget it and move up North.

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  • Atham Mouli says:

    Thanks quiet guy #3!!!
    I was feeling ever so slightly depressed, but living in the NW your table has cheered me up considerably.

    I am still fairly uncertain as to why houses are not crashing more vigorously. I know low interets rates etc are preventing too many forthclosures/distressed sales but is it pretty much the same reason that Gold & Silver are sooooo pricey right now? i.e. that there are the very real possibilities that BoE printed cash is going to be worth less than used toilet paper soon. House prices may perhaps drop by say 50% and thus you would lose 50% of your wealth, but the house won’t do an Argentinian (possible Portugal/Ireland/Greece/Spain) type ‘pooof’ into thin air leaving you with nothing but the memory of wealth?
    I can’t think of any other explanation, can you? This reasoning tempts me to buy even though I am very very confident house prices will continue to fall.

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  • Preparetodive says:

    These figures look deeply suspect. How can prices rise in London by 3%, but with ALL London boroughs recording lower rises than this (and quite a few negative)?

    There’s a similar picture in the West Midlands Region (where I live) all boroughs and counties have a monthly drop, except two of the lower cost areas (Stoke and Wolverhampton), yet the region has a significant monthly price increase. What’s going on?

    I think there’s another story lurking under the headline.

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  • richy richless says:

    there is so much spin and counter-spin going on at the moment, it does feel like a full on bear/bull war around HPC

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  • @8. Preparetodive said…
    “These figures look deeply suspect. How can prices rise in London by 3%,”

    This is because:
    “2 All average prices quoted in this report represent standardised seasonally adjusted prices”

    AND

    “All price changes represent seasonally adjusted movements. Historical data published as part of the HPI is revised each month as missing and new data becomes available.”

    I have a feeling that if the figure was non seasonally adjusted then you would have a fall in prices.

    Another important point, todays ramping articles that commenced before the release of these figures.

    A looks a little suspect, however anyone watching the property market closely will see what state it is currently in.

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  • Skeptical First Time Buyer says:

    The cuts have really started, and thus neither has the crash.

    We will have to raise interest rates at some point, maybe we can delay another 2 years but no longer. Looking at a 4 year view, I see the fhouse price falls returning in full swing.

    The stirling drop will have been cushioned a bit with inflation, but a drop there will be. If you have been holding other currency, then quids in. Personally I’m hoping inflation pays off my gfs mortgage, then we’ll be looking to move up.

    I think the goverments got the same problem as the people, and the view is that the easiest way out is a soft default through inflation. If you are a saver, don’t hold cash, I’ve moved to energy shares and precious metals. The powers that be believe that protracted Japanese style readjustement is preferrable to short sharp shock. Having realligned my investment strategy to suit, I now agree with them.

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  • Can someone explain why the monthly change in London is +3% but when you look at the breakdown by borough the highest monthly change is only +2.3% with many being negative?

    Is this a typo in the report or is it calculated in some weird way?

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