The average house price slipped just 0.2% in January, to stand at £162,228, Nationwide reports this morning. Robert Gardiner, Nationwide's chief economist, said he expected house prices to stay where they are or move down slightly in the coming months, with supply on the market having dried to a trickle. https://youtu.be/_ileGoySnD0
Meanwhile, according to the latest Land Registry data, house prices stayed flat in December, to bring the annual fall across England and Wales to 1.3%.
The average house price is now £160,384, says the Land Registry.
Transaction levels averaged 60,764 per month between July and October, compared with 61,274 per month for the same period in 2010.
London was the only region where house prices went up, by 2.8%, distorting the national average house price. The average property price in London is £345,298.
By contrast, house prices in the North-East fell 7.1% last year to end up at £99,464. In the West Midlands and Yorkshire & Humber regions, the annual drop was 3.2%, and in the North-West 3.4%. House prices in Wales fell 3%.
Peter Rollings, CEO of London estate agent Marsh & Parsons, said: “Stagnant house prices in December and falling transactions capped a fairly dismal year for the national housing market. Economic uncertainty and fears over job losses have reined in home moves in many parts of the country, and undermined prices outside London.
“While London hasn’t been totally immune from the difficulties facing the wider economy, would-be buyers have a greater confidence in the direction of the market.
“Strong interest from international investors and domestic cash buyers, combined with a limited supply of prime property, has helped property in the capital defy the national trend of house price falls.
“While the underlying lack of properties coming on to the market may stop activity in the capital from rocketing up, the appetite we’ve seen from buyers in January bodes well for vendors in the coming year.
“For instance, when the sale of a property in Fulham fell through during the festive period, it received 20 viewings and seven separate offers in the following ten days – before selling for £20,000 above its agreed asking price.
“With such competition for homes in the capital, there’s no reason why price rises will judder to a halt any time soon.”
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“For instance, when the sale of a property in Fulham fell through during the festive period, it received 20 viewings and seven separate offers in the following ten days – before selling for £20,000 above its agreed asking price.
“With such competition for homes in the capital, there’s no reason why price rises will judder to a halt any time soon.”
Haha, the plural of data is not anecdote.
Still, ten out of ten for gamely bulllishness.