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The most resilient regions are Scotland (house prices are unchanged annually at £203,116) and Wales (prices down by 1.5% and average prices are £215,787). Annual property price inflation has been gradually slowing since July 2022, when annual price inflation was at 13.8%. The ONS’ provisional estimate for the average UK house price was £288,000 for October 2023 – £3,000 lower than 12 months previously.
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The ONS said Scotland’s annual house price inflation had been slowing since April last year, reaching 5.5% in the year to November 2022, down from 14.2% in the year to April 2022. Average house prices increased over the year in all regions, to £315,000 (up 10.9%) in England, £220,000 in Wales (up 10.7%), £191,000 in Scotland (up 5.5%) and £176,000 in Northern Ireland (up 10.7%). The average cost of a home listed by new sellers on the Rightmove portal climbed by just £14 in February to £362,452.
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House price inflation has continued to slow, with prices down on average by 0.5% year-on-year in January, according to property portal Zoopla. “While it is encouraging that we’ve seen growth in recent months, what happens next remains uncertain. Although lower mortgage rates, alongside expectations of Bank of England interest rate cuts this year, should help buyer confidence in the short term, the downward trend on rates is showing signs of fading. The North West of England saw strong annual growth of 4.4%, taking the average home in the region to £232,128.
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However, this was an improvement on the annual figure for October, when the fall was logged 3.3%. The average UK house price by Nationwide’s reckoning now stands at £258,557, down from £259,423. Property prices increased by 0.5% in November, according to the latest house price data from Halifax, following a 1.2% rise in October, writes Jo Thornhill. The portal’s data shows that agreed sales for 2023 are around 13% lower than in 2022, although it says last year was more ‘frenetic’ in the aftermath of the pandemic. It is predicting that new-to-market asking prices will drop nationally by an average of 1% in 2024.
The slowest rate of annual growth in the UK continues to be reported in London, with house prices rising by 8.1% over the last year. But this needs to be set against the fact that a typical home in the capital costs £553,849, the highest price in the country. The figures show that, while house prices were up 6.5% annually in December last year, this is a drop from the 7.2% annual rise in the previous month, and the 8.3% increase recorded at the end of 2021. House price growth slowed last year, with buyers waiting to see if asking prices and mortgage rates fall further, according to figures from property website Zoopla, writes Jo Thornhill. The former building society, which is the UK’s biggest mortgage lender, says the average UK property was worth £287,515 in December 2022, up from £237,895 in January 2020. There are 65% more properties on the market compared to March 2022, with a higher number of sales going through in lower price bands.
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It also remains to be seen how the wider economy will respond to the withdrawal of government support measures. You can use our interactive rates calculator to find deals for your exact requirements. The picture for parents seeking accommodation for their student offspring is complicated by the fact that standard buy-to-let mortgages exclude tenancies involving close relatives.
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A town on the English south coast and an area in the Derbyshire Peak District have topped a list of locations that have more new properties for sale this January, compared with the same time in 2021. The broker says mortgage applications in the capital have increased by 30% in recent months and adds that Manchester and Birmingham are proving even more popular as potential home buying destinations. But Trussle says demand for mortgages in London, Manchester and Birmingham is rising.
Rightmove’s report comes against a backdrop of significant increases in mortgage rates, which is straining affordability and creating uncertainty around moving. The price of property coming to market edged down this month, according to June data from Rightmove, writes Laura Howard. “Agents report that some movers are pausing until there is more certainty that mortgage rates have stabilised, as well as reviewing how higher costs affect their plans. Estate agents report that many buyers have become more nervous about their home purchase and are likely to wait until there is greater certainty on mortgage rates.
In England, house prices rose by 6% to an average of £308,000 in the year to February. This contrasted with a double-digit rise of 10.2% recorded in Northern Ireland, taking prices to an average of £175,000. Zoopla’s property market experts are predicting house price falls of 2% for 2024, with around one million homes expected to be sold, similar to the sales expected for 2023. The firm says transactions could be higher next year if mortgage rates fall back towards 4% more quickly than is currently expected. Price falls tend to be largest across southern England, particularly in markets that registered strong demand and fast price growth during the pandemic.
However, the company added there were signs that the housing market is beginning to ease. It said that the number of properties available to buy is 55% down on the levels recorded in 2019 and warned that UK supply and demand is likely to remain “out of kilter” for the remainder of this year. Rightmove says average properties jumped in price by £55,551 over the past two years, a period dominated by Covid-19.
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Remember, the peace of mind that comes with a reliable house sitter is often worth the investment. UK monthly property transactions soared to record figures last month as would-be buyers scrambled to complete purchases ahead of changes to the rules on stamp duty. Seasonally adjusted transactions for June stood at 198,240, according to the latest data from HMRC. UK house prices reached a new high last month, with the average property now worth £230,700, according to the house price index from Zoopla, the property portal. This imbalance looks set to continue, underpinning further price growth over the near term, particularly as people look to lock into current low interest rates,” he added.
Average UK house prices increased by 10.6% in the year to August 2021, up from 8.5% recorded a month earlier, according to the UK House Price Index from the Office of National Statistics (ONS). The UK HPI comes on the same day as the latest inflation figures, which show that the cost of living, as measured by the Consumer Prices Index (CPI), rose to 5.5% in January, marking a 30-year high. This is making further rises in the Bank of England base rate more certain which, in turn, is putting upward pressure on the cost of mortgages. It said the continued buoyancy of the housing market was surprising, given the mounting pressure on household budgets caused by rising inflation, currently standing at 5.5%, and in light of increased borrowing costs. The latest house price increase, up 1.7% month-on-month, was the seventh rise in consecutive months.
Last week, Lloyds Banking Group, which owns Halifax, the biggest mortgage lender, said it predicts average house prices will continue to fall next year and the trend won’t be reversed until 2025. Halifax’s more positive historic housing market data comes as figures from online property portal Rightmove found that a record number of homeowners put their property up for sale on Boxing Day. The 26% uplift on 2022’s number suggests more people are now considering a house move in 2024. Asking prices rose £4,571, on average, in real terms, taking average house prices up to £359,748, although prices are still 0.7% lower than in January 2023. The capital also has the lowest annual price inflation, with average values falling by 4.8% in the 12 months to December.
October saw a small (2%) rise in the number of homes that have been reduced in price, now accounting for a total of 23% listed on the portal. However, Rightmove says it is not all doom and gloom for renters, as many areas are seeing an increased number of properties becoming available to rent compared to last year. This includes the South West (+19%), Yorkshire & The Humber (+12%) and Wales (+10%).
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