What’s happened to property prices?

 

Land Registry Price Update

January’s figures have recently been released. The Land Registry prices are by far the most accurate way of looking at prices and data regarding a property. Lenders often produce property prices based upon their lending figures, but don’t forget, in many areas there are significant numbers of cash buyers who lenders will not be aware of. The Land Registry WILL know and include, in their figures, those cash buyers.

Very Quick NATIONAL overview for January 2016:

Monthly increase in prices of 2.5%

Annual price increase at 7.1%

Average House Price in England & Wales £191,812

The number of transactions has decreased over the last year. From August 2014 to November 2014 there was an average of 81,656 sales per month. In the same months a year later the figure was 78,652.

I am going to focus, for obvious reasons, on Wales and in particular the NP postcode area.

Wales:

Monthly price increase of 3.7% with the annual change at 6.8% equalling an average price of £125,665

Blaenau Gwent:

Monthly reduction in prices of 3.5%, the annual percentage is up 7% giving an average price of£65,659

Monmouthshire:

Monthly reduction of 0.5% with an annual reduction of 3.6%, the average price is currently £183,732

Newport:

Newport has benefited from a 0.5% increase monthly and an annual increase of 4.3% with the average price at £116,692

Torfaen:

Torfaen has experienced a monthly drop in prices of 0.7% but benefits from an annual price increase of 1.4% which means the average house price in Torfaen is currently £103,438

If you see your area showing an increase in prices it doesn’t mean you can get your calculator and add on 1% because the land registry says so! The above figures are SOLD prices not asking prices.

If you would like to discuss any of the above feel free to get in touch

Phil

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