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Fact, Not Fiction: Avard: the lowdown on fluctuating house prices
House prices across England and Wales edged up 1% between July and August. While the Land Registry’s August report reflects deals done well before then, the more up-to-date Hometrack report says that house prices did not move in September – the first time in 19 months that they have stayed static.
The Land Registry said that in August, annual house price inflation was 8.4%. In London, house prices rose by 21.6% over the year, to reach an average of £467,070. House prices did not rise everywhere – falling, for example, by 0.4% in Cheshire West and Chester, and by 1.7% in Conwy in the month.
The Land Registry is continuing to show a marked pick-up in transactions. Between March and June this year, sales ran at an average of 71,426 per month, compared with 59,556 per month for the same period last year.
Interestingly, however, there were falls in transactions in lower priced homes – down 28% for homes costing up to £200,000, down 19% for homes costing up to £250,000, and down 10% for homes costing up to £300,000. In all the other price bands, the number of transactions soared – the highest percentage rise being 44% for properties costing from £600,001 to £800,000.
Meanwhile, Hometrack said that the housing market had been cooling since May, with prices completely stalled this month.
Avard Estate Agents, www.avard.co.uk
Sales: 01273 696000 / email@example.com
Lettings: 01273 748828 / firstname.lastname@example.org