Our Blog / Latest News

House Prices - Still on the rise?

Posted on Friday, May 23, 2014

On 20th May 2014, the Office for National Statistics released their latest bulletin on the house price index for March 2014.

There were a number of key findings within the report as follows:

  1. UK house prices increased by 8% in the year to March 2014, down from 9.2% in the year to February 2014.

  2. House price annual inflation was 8.5% in England, 4.9% in Wales, 0.8% in Scotland and 0.3% in Northern Ireland.

  3. House prices are increasing strongly across most parts of the UK, with prices in London again showing the highest growth.

  4. Annual house price increases in England were driven by rises in London (17%), the East (6.6%) and the South East (6.1%).

  5. Excluding London and the South East, UK house prices increased by 4.7% in the 12 months to March 2014.

  6. On a seasonally adjusted basis, average house prices fell by 0.5% between February and March 2014.

  7. In March 2014, prices paid by first-time buyers were 10% higher on average than in March 2013. For owner-occupiers (existing owners), prices increased by 7.2% for the same period.

Courtesy of the Office for National Statistics www.ons.gov.uk

 

London has been leading the way with the property market which has been observed here at Pinnacle Surveyors, especially with how busy our southernmost offices are. The London property market appears to be moving quickly with many properties becoming the subject of bidding wars and inflated prices.

There are many opinions in the news that the UK is in a property bubble that could potentially burst at any time and that there are not enough new housing stock available for potential purchasers. The mortgage market has also made recent changes to tighten up on their lending criteria.

We are moving through an interesting time with regards the property market and we (among many, many others) will be watching what happens quite closely.