House prices in England and Wales held steady in November, with no change on a month earlier and prices down 0.7% on the year, at an average £220,043. According to the LSL/Acadametrics index, the only region recording annual price growth is London, where the value of the typical home has risen 3.1%. November also saw [...]
Wales
August house sales bounce back
House prices in England and Wales rose fractionally in August, compared with July, according to the latest LSL/Acadametrics index. However, the monthly gain of 0.3% was buoyed by a 1.6% rise in London property prices and at £219,078, the value of the typical home showed a 2.2% year-on-year fall. The annual rate of decline increased [...]
Land Registry: house prices up 1.3% in July
House prices in England and Wales rose 1.3% in July, compared with June, Land Registry figures show. However, at £163,049, the value of the typical home was down 2.1% year-on-year, with London the only region to have experienced an increase over the last 12 months (up 1.3%). The South West registered the greatest monthly rise [...]
House prices falling in all but London & South East
Latest figures from the Department for Communities and Local Government (DCLG) show UK house prices increasing by 1.2% during March, compared with February. However, at £205,565 the value of the typical home was down 0.5% in the first three months of the year, following a fall of 0.4% over the previous quarter. The research also [...]
House prices nudge up in April
The average price of a home in England & Wales rose by 0.3% in April, to £223,352, taking the annual growth rate to 0.9%, up from 0.3% in March. According to the latest LSL/Acadametrics house price survey, the monthly rise was driven by a rush of transactions involving wealthy buyers intent on avoiding higher stamp [...]
Land Registry: house price falls biggest in two years
House prices have fallen at their fastest rate since February 2009, according to latest figures from the Land Registry. The value of the typical home in England and Wales declined by 1.1% in March, with the North West the only region to experience a monthly rise (0.7%), while in Wales prices tumbled by 3.3%, when [...]
Hometrack: house prices to see further falls
House prices in England and Wales remained level in April, with a 0.3% rise in London prices offsetting small falls across other regions, Hometrack has reported. According to the housing intelligence firm, increased buyer demand over the first four months of 2011, and strong growth in the number of sales agreed, has been easing downward [...]
House prices flat but inflation eats away at real values
The LSL Acadametrics house price index for March shows the value of the typical home in England and Wales falling by 0.1%, to £222,146, reversing a small increase seen in February. On an annual basis, eight of the ten regions covered experienced falling house prices, with only Greater London and the South East keeping the [...]
North bears brunt of 47% drop in house sales
Property sales have fallen significantly across England and Wales since 2007 amid a widening North / South housing divide, new research by Lloyds TSB suggests. Last year, 649,957 homes changed hands with the total down 47% on 2007, however, sales in South fell 42% compared with a 51% drop in the North. Lloyds’ research also [...]
House prices up 1% so far in 2011
Nationwide has reported a mixed picture for the UK housing market, with prices rising in eight out of 13 regions in the first three months of 2011. Overall house prices increased 1%, to an average £162,379, but the rise was not sufficient to prevent the annual rate of change slipping to -0.3%. Yorkshire and Humberside [...]
Hometrack: house prices slip in March
Hometrack’s latest survey shows house prices across England and Wales falling by 0.1% in March, compared with February, taking the value of the typical home down to £153,100. Twenty-seven per cent of post codes registered falling prices leaving 8% recording rises, including London which saw the first uplift for eight months (+0.2%), on the back [...]
House price show largest annual fall since 2009
February data from the Land Registry show house prices in England and Wales falling by 0.8%, when compared with January. The typical home changed hands for £162,215 having fallen in value by 1.7% over a year, the largest annual decline since October 2009. However, London showed a positive annual house price change of 3.2% in [...]
Rents and arrears show February rise
Rents in England and Wales have risen for the first time in 2011, according to LSL Property Services, the UK’s largest lettings agent network. February saw the typical private renter paying £684 per month, with the figure up 0.2% on January and 3.9% year-on-year. For landlords, total annual returns remained steady at 3.4% and average [...]
Spa towns command 16% house price premium
House prices in spa towns across England and Wales are typically £38,000 (or 16%) above their county average, according to Lloyds TSB research.
Only three spa towns have prices that fall short of their county average: Epsom in Surrey (-5%); Llandrindod Wells in Powys (-7%) and Boston in Lincolnshire (-15%).
However, Epsom is the country’s most [...]
London & South East drive February house price rise
February saw house prices rise by 0.3% in England and Wales (to an average £222,456) with prices bolstered by strong demand in London and the South-East.
According to the latest LSL/Acadametrics house price index, the value of the typical home fell 0.5% year-on-year, as the strong gains seen in the early part of 2010 dropped out [...]
Rents slip as buy-to-let attracts investors
Rents in England and Wales fell slightly in January, as the buy-to-let market saw a growing number of investors.
According to the latest Buy-to-Let Index from LSL Property Services, average rent dropped by 0.3% (£682) compared with December but remained 4% higher than a year ago, with signs of renewed growth in several areas.
The January movement [...]
House prices up 0.6% year-on-year
The average price of a home in England and Wales fell by 0.1% in January, to £221,211, according to the LSL/Acadametrics House Price Index.
The marginal decline left annual property price inflation at 0.6%, but despite falls over the last four months, the value of the typical home remained 10.5% (£20,975) above the lowest price on [...]
Crime maps a new tool for homebuyers
Homebuyers, renters and property investors have a new tool to help identify a sound location, with today’s launch of online crime maps that cover the streets of England and Wales.
The maps, which can be accessed using a postcode, give details of reported crime over the past month, categorised as follows: burglary, robbery, vehicle crime, violence, [...]
Official: house prices up 1.5% in 2010
The Land Registry’s latest House Price Index shows the average price of a home in England and Wales up 1.5% over the whole of 2010, although December marked the seventh consecutive month in which annual growth slowed.
The month saw a negative change of -0.2%, with the South West the region with the most significant fall, [...]
Annual house price growth below inflation
Average house prices in England and Wales recorded a marginal fall of 0.2% in December, to £222,827, according to the LSL/Acadametrics House Price Index.
Over the whole of 2010, house price growth stood at 2.9%, compared to 5.3% in 2009.
However, regional disparities are widening, with annual growth significantly stronger in traditionally high-value areas such as London [...]
Hometrack: house prices down 1.6% in 2010
House prices in England and Wales fell by 0.4% during December, with 36% of postcodes recording declining prices, according to Hometrack.
Overall, the value of the average home ended 2010 down 1.6%, with 71% of the country seeing prices dip on an annual basis.
However, across 15% of postcodes (notably London and the South East) prices [...]
House price slippage continues
Latest figures from the Land Registry show the average price of a home in England and Wales falling by 0.6% in November, marking the third consecutive month of decline and taking annual growth down to 2.2%.
The average house price stood at £164,773, the lowest level seen in a year.
London experienced the greatest monthly rise [...]
Improved credit conditions to support 2011 house prices
Estate agent, Chesterton Humbers, has joined forces with the Centre for Economics and Business Research to forecast house price movements in England and Wales in the year ahead.
Fired by the near accuracy of its predictions for 2010, the firm dismisses suggestions that public spending cuts, weakening employment and a rise in forced sales could result [...]
Land Registry – October house prices up 0.6 per cent since September: average house price in England and Wales now £159,546
The October data from Land Registry’s flagship House Price Index shows a positive monthly house price change of 0.6 per cent, which is the fifth month in a row in which the movement has been above nought per cent.
The annual change stands at minus 3.4 per cent. This is the sixth month in a row in which the fall in annual change has decreased. The average house price in England and Wales is now £159,546.
All regions in England and Wales experienced a decrease in their average property values over the last 12 months. The region with the most significant annual price fall was the West Midlands with a movement of minus 6.3 per cent. The North West experienced the greatest monthly rise with a movement of 1.9 per cent. Wales was the region with the most significant monthly price fall with a movement of minus 2.3 per cent.
The most up-to-date figures available show that during August 2009 the number of completed house sales in England and Wales rose by 11 per cent to 53,236 from 48,109 in August 2008. Transaction volumes, while no longer falling at 2007 rates, remain relatively low.
For more information and to view the report in full, visit www1.landregistry.gov.uk/houseprices/
| Region | Monthly change | Annual change | Average price |
| North West |
1.9% |
-5.3% |
£119,463 |
| South West |
1.5% |
-1.0% |
£171,804 |
| North East |
1.5% |
-5.5% |
£110,596 |
| London |
1.4% |
-0.2% |
£317,601 |
| South East |
1.3% |
-1.5% |
£201,245 |
| East Midlands |
0.9% |
-3.8% |
£125,348 |
| England and Wales |
0.6% |
-3.4% |
£159,546 |
| East |
0.2% |
-3.1% |
£167,318 |
| Yorkshire & The Humber |
0.2% |
-5.6% |
£124,517 |
| West Midlands |
-0.6% |
-6.3% |
£131,893 |
| Wales |
-2.3% |
-6.0% |
£118,950 |
| Average prices by property type (England and Wales) | October 2009 | October 2008 | Difference |
| Detached |
£246,860 |
£253,438 |
-2.6% |
| Semi-detached |
£150,173 |
£155,076 |
-3.2% |
| Terraced |
£123,056 |
£129,212 |
-4.8% |
| Flat/maisonette |
£149,256 |
£153,507 |
-2.8% |
| All |
£159,546 |
£165,185 |
-3. 4% |
| Month | Sales 2008 (England and Wales) | Sales 2007 (England and Wales) | Difference |
| January |
57,858 |
87,686 |
-34% |
| February |
61,622 |
86,788 |
-29% |
| March |
57,955 |
106,151 |
-45% |
| April |
62,405 |
95,272 |
-34% |
| May |
65,037 |
108,042 |
-40% |
| June |
58,652 |
123,385 |
-52% |
| July |
52,631 |
116,817 |
-55% |
| August |
48,109 |
124,567 |
-61% |
| September |
41,297 |
98,087 |
-58% |
| October |
44,560 |
102,597 |
-57% |
| November |
36,085 |
100,731 |
-64% |
| December |
39,304 |
81,299 |
-52% |
| Month | Sales 2009 (England and Wales) | Sales 2008 (England and Wales) | Difference |
| January |
26,743 |
57,858 |
-54% |
| February |
27,801 |
61,622 |
-55% |
| March |
36,507 |
57,955 |
-37% |
| April |
39,203 |
62,405 |
-37% |
| May |
45,547 |
65,037 |
-30% |
| June |
51,956 |
58,652 |
-11% |
| July |
59,691 |
52,631 |
13% |
| August |
53,236 |
48,109 |
11% |
Notes
1. Since 2006, Land Registry’s House Price Index (HPI), which is available free at www1.landregistry.gov.uk/houseprices/ has gathered its own momentum to become a leading indicator of property movement within England and Wales. It is widely viewed as “the most accurate barometer of the housing market”.
2. The HPI is published on the twentieth working day of each month. The November index will be published at www1.landregistry.gov.uk/houseprices/ at 11:00 hours on Friday 30 December 2009.
3. The HPI uses a sample size that is larger than all other statistical measures available. It is calculated using Land Registry’s dataset of all residential property sales completed in England and Wales since January 1995.
4. Land Registry’s dataset contains details on 15 million residential transactions. Of these, over five million are identifiable matched pairs, providing the basis for the repeat sales regression analysis used to complete the index. This technique of quality adjustment ensures an “apples to apples” comparison between properties.
5. With the largest transactional database of its kind detailing over 22 million titles, Land Registry underpins the economy by safeguarding ownership of many billions of pounds worth of property.
6. As a government department established in 1862, executive agency and trading fund responsible to the Lord Chancellor and Secretary of State for Justice, Land Registry keeps and maintains the Land Register for England and Wales. The Land Register has been an open document since 1990.
7. For further information about Land Registry visit www.landregistry.gov.uk
Contacts
Marion Shelley 020 7166 4543
marion.shelley@landregistry.gsi.gov.uk
Esther McWatters 020 7166 4487
esther.mcwatters@landregistry.gsi.gov.uk
Press Office 020 7166 4215
Buy-to-let fraud hits thousands
Detectives are investigating one of Britain’s biggest buy-to-let schemes in which large numbers of investors have seen their savings wiped out.
They fear thousands of people who sought to cash in on the buy-to-let dream during the boom years of 2004 to 2007 may turn out to have been victims of organised fraud.
The Sunday Times – David Leppard
The Serious Fraud Office (SFO) is investigating alleged scams that have cost government-owned banks such as Northern Rock, Royal Bank of Scotland and Bradford & Bingley millions of pounds on loans that should never have been made.
Senior police officers said the full scale of the buy-to-let scandal was only beginning to emerge in the wake of the credit crunch and the collapse of house prices.
One chief constable said: “We can expect to see one or two of the same type of [scheme] emerging in every major city.”
The SFO said last week it was investigating two alleged buy-to-let frauds, involving properties in Leeds, Cardiff, Nottingham, Derby, Liverpool, Hull, Newcastle upon Tyne, Glasgow and London. Police in Greater Manchester, the West Midlands, and West Yorkshire are also involved in the inquiries.
At the centre of one of the biggest police investigations is Morris Properties, which specialised in student new-build flats and refurbished homes in Leeds and the northeast. It sold 1,000 properties before going bust last summer.
The firm was established by Simon Morris, a local developer who built up a £69m fortune by selling buy-to-let properties.
Morris’s firm lured investors with promises of substantial “discounts” on flats that were allegedly overpriced, and guaranteed rental income, which in many cases failed to materialise. Investors, drawn in by the mirage of ever-increasing house prices, were easy prey.
With property prices now falling in some areas by as much as 50%, many of those investors are facing ruin. The victims include doctors, nurses, teachers and builders who have seen portfolios worth hundreds of thousands of pounds vanish. Many have had their properties repossessed or been forced to sell at knockdown prices.
A whistleblower who once worked for Morris and fell into debts of £500,000 after making buy-to-let investments with the firm said he had received threats after helping the police. Morris denies any wrongdoing.
Last week Morris was accused by lawyers representing 133 of his former clients of overseeing a scheme in which flats were sold to innocent investors for as much as 100% above their real value.
Hammad Ahmad, a solicitor with Max Gold Partnership, said his clients would launch a group legal action in the new year against the Morris companies and several conveyancing solicitors and valuers involved in the sales.
