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Month: April 2015

Land Registry House Price Index – February 2015

Last week the Land Registry released their latest House Price Index for February 2015.

The report analyses house price data across England and Wales and informs on trends.   It provides a guide and advises on the average price paid, monthly charge, annual charge and number of property transactions within a defined period.

Key highlights for February 2015 include:

  • The average house price in the UK is £180,252
  • The annual price change stands at 6.5%
  • The annual data shows a monthly price increase of 0.5%
  • The number of property transactions has increased over the last 12 months. From September – December 2013 there was an average of 77,174 property transactions per month.  In the same period in 2014 there were 75,553.

London observations:

  • The average price of property in London was £463,872
  • The annual price change stands at 13.1%
  • The monthly change shows that London was up 0.6% in February 2015.

North East statistics:

  • The average property price in the North East was £102,061
  • The annual price change stands at 3.7%
  • The monthly change shows that the North East had dramatically increased to 6.2% in February 2015.

Northumberland observations:

  • The average property price in Northumberland was £124,930
  • The annual price change stands at 2.0%
  • The monthly change shows that Northumberland had dropped to 0.8% in February.

Property type averages:

Property type averages(England and Wales) February 2015 February 2014 % Difference
Detached £283,500 £283,500 £283,500
Semi-Detached £170,063 £170,063 £170,063
Terraced £136,481 £136,481 £136,481
Flat/Maisonette £171,697 £171,697 £171,697
All £180,252 £180,252 £180,252

 

Land Registry Market Trends – February 2015

The Land Registry launched their February 2015 key market trend highlights on Friday, 27 March.

The data illustrates an annual price increase of 6.5%.  This takes the average property value in England and Wales to £180,252.00; this is stronger than the pre recession data which peaked in November 2007 at £181,083.00.

Regional data shows that the North East experienced the greatest monthly rise at 6.2%.

Region Monthly change since January 2015 Annual change since February 2014 Average price February 2015
North East 6.2% 3.7% £102,061
London 0.6% 13.1% £463,872

 

At GFW Letting we are encouraged to see North East regional monthly property increase has over taken the London property market for February 2015.