There are numerous House Price Reports which are shared in the public domain. Each will tell a slightly different story. We are delighted to share with you our new Quarterly Report which amalgamates data from UK Finance, Royal Institution of Chartered Surveyors (RICS), Bank of England and HM Land Registry.
|Average Property Price UK||£226,798|
|Average First Time Buyer Purchase Price||£190,999|
|Average Home Mover Purchase Price||£263,513|
|Average First Time Buyer Advance||£163,662|
|Average Home Movers Advance||£218,225|
|Average Re-mortgage Advance||£174,055 (does not include product transfers)|
Brexit continues to influence house prices with the growth remaining a slow 1.4% compared to March 2018. The largest growth from February to March in price was the area of York and Humber at 3.97% although it must be taken into consideration its dramatic fall by -3.04% in February. Mortgage approvals declined by approximately 3,000 in March suggesting the market will also continue to decline.
The recent RICS report stated that tenant demand continues to increase slightly, whereas the number of properties being purchased by landlords has been declining for a variety of reasons - this includes recent tax changes, letting fees ban and section 21. The combination of these circumstances is that rent is likely to rise by an estimated 2% in the future.
It also mentioned that the higher price category properties (+£1m) saw the largest drop in price, those properties of 500K or less have remained fairly stable. The overall feel for the market was that the next 12 months would see some improvement.