The Land Registry August HPI was released recently and showed and increase in the average house price by 1.3% annually. The annual increase of 1.3% to set the average house price at £164,654 gives some extra weight to the overall view of a strengthening property market. The actual change over the month was just 0.1%.
Although slightly later than other Indices, the Land Registry HPI is claimed to be the most accurate independent index by using its dataset of completed sales – which includes repeat sales.
The annual increase of 1.3% to set the average house price at £164,654 gives some extra weight to the overall view of a strengthening property market. The actual change over the month was just 0.1%.
Further key figures:
- Number of property transactions has increased over the last year from 54,246 to 57,205 for the period March to June.
- London shows a monthly increase of 1.2%, with annual change of 7.1% – considerably higher than other regions
- Average price in London is therefore £389,066
- Flats continue to see the largest increase of 2.2% over the year, with Detached properties at 1.2%
Regionally the North West has the largest monthly change at 1.3%, slightly ahead of London at 1.2%. The worst performers are Wales with -2.1% and the North East at -1.4%
Annually the regions are slightly different with London leading the pack at 7.1% and its nearest rival being South East and West Midlands at 1.8%. The worst annual performers are the North East at -2.2% followed by Wales at -1.8%.
- In the months March 2013 to June 2013, repossession volumes averaged 1,336 per month. This is a fall compared to the same period a year earlier, when volumes averaged 1,693 per month.
- Repossession volumes appear to be exhibiting a slight downward trend.