With house prices up 1.1 per cent nationally, after falling by one per cent over the past 12 months, Land Registry figures announced today support the view that the national housing market has started to improve.
Adam Challis, Head of Research at Hamptons
"Although too early to revise forecasts for a flat market in 2012, the Land Registry house price figures for January show that the housing market may have begun to turn a corner.
"At the same time, Hamptons International's January figures show demand from new applicants is up eight per cent compared with January last year, supply is up six per cent and the number of sales agreed is up by 27 per cent.
"Relative economic stability compared with the picture in late 2011 has helped restore some confidence to the market. With record low mortgage rates available, buyers may be considering their house purchase options more seriously."
Land Registry Summary
• The Land Registry statistics suggest that London and the South East continue to outperform the rest of the England & Wales as the only two regions showing an increase in house prices over the past year at 2.5 per cent and o.5 per cent respectively.
• The average house price in the most expensive region is London at £351,305. This is 3.4 times more expensive than the lease expensive region (North East, £102,066). As a result the north/ south divide in house prices continues to widen.
• The story for house prices in London itself is uneven, with the highest price movement (9.3 per cent) in Kensington & Chelsea, also the most expensive Borough at £964,178. In comparison, the LB of Newham, host of the Olympic site, had price falls of 3.3 per cent.
• Sales volumes in the high value (£1,000,000 +) market fell by 4.4 per cent across England & Wales, but increased by 8.8 per cent in London. In contrast, sales volume for properties up to £200,000 increased by five per cent across England & Wales and two per cent in London. Taken together, this shows that while confidence for high value purchases remains tentative outside London, there are encouraging signs that activity for starter homes, notably by first-time buyers is beginning to pick up.
• Of the local authorities with falls of greater than five per cent, 50 per cent are in Wales and 42 per cent are in the North of England.
For media enquiries please contact:
Aisling Gray, Senior PR Manager, Hamptons International
020 7758 8422/ 0778 6118634 / firstname.lastname@example.org
For research enquiries please contact:
Adam Challis, Head of Research, Hamptons International
020 7758 8438/ 07760 163 120/ email@example.com