First-time Buyers
Average house prices rise 3.4% to £167,063
Property prices in England and Wales were 3.4% higher in September 2013 than a year ago, according to the Land Registry.
The Land Registry’s House Price Index, published today, revealed that the value of the average home rose by 1.5% between August and September alone.
London saw by far the biggest annual increase, with the average price in the capital gaining 9.3% during the year. The North East saw the greatest monthly rise, up 2.7% between August and September. Wales was the only region to experience a fall in average property values over th year to September, losing 1.7%.
The number of completed house sales in England and Wales rose by 17% over the year to July from 59,141 to 69,140. The number of properties sold in England and Wales for over £1 million in July 2013 increased by 34% from 852 in July 2012 to 1,143 in July 2013.
Repossessions decreased by 28% between July 2012 and July 2013.
Nick Tamplin, founder of the online estate agents, Zevizo Properties, said:
“England and Wales can be broken down into countless local markets, ranging from the hardly recovered to the overheated.
“At 9.3% annual growth, London is in sixth gear while Wales, down 1.7%, is still struggling to get into first.
“Talk of average prices, these days, is misleading at best given the patchwork nature of the market.
“The fact that the North East and Newport have just put in the greatest regional and county monthly price rises underlines the volatility of the market.
“With the economy continuing to strengthen, and mortgage rates at unheard-of lows, people are finally starting to commit to a purchase.
“There is a lot of pent-up demand out there and that is translating into sales.
“The fact that transactions are starting from the bottom up will cause a ripple effect across the market as a whole.
“There’s a buzz in the market that hasn’t been there since 2006.
“While the market is improving and I am optimistic about its prospects in 2014, sellers should not get carried away.
“Ask too much for your property and it will languish on the market. Buyers are paying more but, with the exception of the capital, aren’t barking mad.
“What’s important this time round is that we see sustainable rather than extreme house price growth. Wage growth is negligible, if not negative, and this will prevent prices in many local markets from rising too far, too fast.”
