Key Points:
House prices in the three months to May were 1.4% higher than in the preceding three months (December 2015-February 2016). This was slightly below April’s 1.5% and was the lowest since November 2015 (1.4%).
Prices in the three months to May were 9.2% higher than in the same three months a year earlier. This was unchanged from April.
House prices increased by 0.6% between April and May. This largely offset April’s 0.8% fall. The quarter on quarter change is a more reliable indicator of the underlying trend.
Property prices per square metre have risen by 432% in Greater London against a national average increase of 251% over the past two decades, according to separate research from Halifax. Although London dominates the country's list of most expensive property locations on a per square metre basis, five areas outside southern England fetch a higher property price per square metre than the national average of £2,216 – Solihull and Leamington Spa in the West Midlands, Altrincham in the North West, Scotland’s capital, Edinburgh, and Harrogate in Yorkshire.
Home sales dropped substantially in April. UK home sales fell by 45% from 153,700 in March - the highest monthly total since records began in April 2005 – to 84,300 in April - the lowest since March 2013. The sharp rise in March followed by the subsequent decline are likely to reflect a rush to complete sales ahead of the introduction of new higher stamp duty tax rates for buy to let and second homes that came into effect in April. (Source: HMRC, seasonally-adjusted figures)
Stamp duty change also affecting mortgage approvals. The volume of mortgage approvals for house purchases – a leading indicator of completed house sales – fell by 5.8% between March and April. Approvals were 2% lower than in April 2015. (Source: Bank of England, seasonally-adjusted figures)
Supply remains very low. New instructions by home sellers fell for the second consecutive month in April. This contributed to a rise in the stock of homes available for sales as market conditions remain very tight. New housing starts in England fell in 2016 Quarter 1 and were 3.4% lower than in the previous quarter and 8.6% down on 2015 Quarter 1. Housebuilding is being held back by material and labour constraints. (Sources: Royal Institution of Chartered Surveyors’ (RICS) monthly report and DCLG)
Full report here:
http://static.halifax.co.uk/assets/p...rice-Index.pdf
House prices in the three months to May were 1.4% higher than in the preceding three months (December 2015-February 2016). This was slightly below April’s 1.5% and was the lowest since November 2015 (1.4%).
Prices in the three months to May were 9.2% higher than in the same three months a year earlier. This was unchanged from April.
House prices increased by 0.6% between April and May. This largely offset April’s 0.8% fall. The quarter on quarter change is a more reliable indicator of the underlying trend.
Property prices per square metre have risen by 432% in Greater London against a national average increase of 251% over the past two decades, according to separate research from Halifax. Although London dominates the country's list of most expensive property locations on a per square metre basis, five areas outside southern England fetch a higher property price per square metre than the national average of £2,216 – Solihull and Leamington Spa in the West Midlands, Altrincham in the North West, Scotland’s capital, Edinburgh, and Harrogate in Yorkshire.
Home sales dropped substantially in April. UK home sales fell by 45% from 153,700 in March - the highest monthly total since records began in April 2005 – to 84,300 in April - the lowest since March 2013. The sharp rise in March followed by the subsequent decline are likely to reflect a rush to complete sales ahead of the introduction of new higher stamp duty tax rates for buy to let and second homes that came into effect in April. (Source: HMRC, seasonally-adjusted figures)
Stamp duty change also affecting mortgage approvals. The volume of mortgage approvals for house purchases – a leading indicator of completed house sales – fell by 5.8% between March and April. Approvals were 2% lower than in April 2015. (Source: Bank of England, seasonally-adjusted figures)
Supply remains very low. New instructions by home sellers fell for the second consecutive month in April. This contributed to a rise in the stock of homes available for sales as market conditions remain very tight. New housing starts in England fell in 2016 Quarter 1 and were 3.4% lower than in the previous quarter and 8.6% down on 2015 Quarter 1. Housebuilding is being held back by material and labour constraints. (Sources: Royal Institution of Chartered Surveyors’ (RICS) monthly report and DCLG)
Full report here:
http://static.halifax.co.uk/assets/p...rice-Index.pdf
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