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Fall in homeowner repossessions

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The number of properties being repossessed has fallen significantly in the last year, official figures have shown.

Data released by the Land Registry showed there were 498 repossessions in June 2015, 43% lower than the 868 recorded a year ago.

Other data released showed that the average house price rose 4.2% in the year to August, the slowest increase in almost two years.

The East of England was home to the fastest rising house prices, with properties in this region worth 8.4% more than a year ago.

On a monthly basis, property growth slowed to 0.5%. Some regions significantly outperformed this, including London where prices grew 1.7% in a month.

The average property in England and Wales is now worth £184,682.

Adrian Gill, director of Your Move and Reeds Rains estate agents, said: “It’s been a summer of rather more sedate house price growth, but the asymmetry between buyers and sellers on the market may usher in a new spell of conditions as we enter autumn.

“The market in London appears to have got the ball rolling again, as buyers get used to the heavier taxation, and prices in the capital and surrounding regions continue to travel at a must faster pace than up in the North West, North East, and Yorkshire.

“But there’s no north-south divide in sentiment – and demand from buyers is shoring up on all fronts across the country. Sales activity may look slightly subdued on an annual basis, but property sales have actually been picking up speed solidly since the start of the year, and rose 4.4% between May and June.”

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