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UK House Price Index shows weak volumes, but prices continuing to rise
The Land Registry has published the latest national updates to the UK House Price Index covering the month of July 2016. In the aftermath of the surprise EU referendum result on 23rd June and the stamp duty changes in April 2016 the volume of sales recorded in the report are lower than at any point since 2012. The supply side has however also been hit, with RICS reporting significant falls in the number of new sales listings. As a result sold prices overall continue to increase, though at a slowing annualised rate.
The overall average price for a residential property in the UK in July reached £216,750, representing a small monthly increase of 0.4% and an annual increase of 8.3%.
Having fallen behind overall UK performance in June, the Greater London region outperformed the national average in July. The average residential property price for the region increased by 1.0% to £484,716, from June 2016. This represented an annual increase of 12.3% against July 2015.
Within London performance varied markedly by Borough. Three of the most expensive central London Boroughs have seen price falls on an annualised basis in recent months: Kensington and Chelsea -3.0%, Hammersmith and Fulham -1.6% and Camden -0.6% in July 2016. At the other end of the spectrum the three best performing Boroughs in the July data were: Newham +20.8%, and Havering and Hillingdon both at +19.7%.
The outer South and South East boroughs of Bromley, Bexley and Croydon continued to outperform the London average in July. Monthly growth rates recorded in these areas were: Bromley +1.3%, Bexley +1.7% and Croydon +1.4%.
A detailed breakdown of the July 2016 price data for the London Borough of Bromley is shown below.
Property Type | Average Price | Monthly Change | Annual Change |
Flat / Maisonette | £295,866 | +1.2% | +14.1% |
Terraced House | £392,462 | +1.0% | +14.4% |
Semi-detached House | £527,089 | +1.3% | +15.1% |
Detached House | £868,056 | +1.9% | +14.9% |
All Properties | £440,373 | +1.3% | +14.6% |
The House Price Index data is provided by the Land Registry, to find out more about our property services, please phone our office to speak to one of our team on 020 8290 0333, or fill out a contact form in the link below.
http://www.judge-priestley.co.uk/site/contact/make-an-enquiry/
