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Land Registry: House Prices Increase 5.4%

28.07.15

Figures released today from the Land Registry show that annual house prices have increased by 5.4% to June. This means that the average  property value in England & Wales now stands at £181,619, which is higher than the previous peak in November 2007.

Month on month the growth is 1.1% from May 2015.

London yet again has the most significant annual price rises with growth at 9.2%, whilst the North East saw the greatest monthly rise at 3%. Yorkshire & The Humber saw the largest monthly decrease and lowest annual growth.

Also of note were the most up to date figures from the Land Registry on Aprils sales figures, showing that the number of completed house sales in England & Wales fell by 19% compared to April 2014, whilst the number of properties sold for over £1m decreased by 22% over the same time period. This was to be expected given the run up to the General Election at that time and it will be interesting to see the next set of data.

The good news was that Repossession decreased by some 48% year on year.

Andrew Montlake, Director at Coreco Mortgage Brokers comments “These latest figures show that house prices are still holding firm and are likely to do so for the rest of the year as demand for property stays strong whilst supply of good quality stock remains an issue.

“This imbalance between demand and supply is reaching critical levels in many parts of the country, especially London and we are yet to see a joined up Government policy to help build the homes people are crying out for.

“With interest rates looking like they will rise in the next 12 months, we are likely to see more demand for mortgages as people look to take advantage of some of the low rates on offer before they are gone and house prices increase further”.

 

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Andrew Montlake

Written by Andrew Montlake

Andrew Montlake, better known as Monty, began his journey with an Hons degree in Economics & Politics before starting in the mortgage industry in February 1994. As a main founder of Coreco in 2009, he successfully grew the brand, marketing, and communications, and was made MD in 2019 focussing on the overall vision, strategy, and culture of the company. As Coreco’s media spokesperson, Andrew can often be seen or heard on TV and radio as well as regularly commenting in the national, local, and trade press. He is the author of this acclaimed Mortgage Blog and is well-known for his social media, podcasts, and public speaking. Andrew is now proud to serve as Chairman of the Association of Mortgage Intermediaries, (AMI) as a cheerleader for the Mortgage Industry as a whole and continues to work at the coal face, writing mortgage business and advising clients.

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