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House Prices October 2015

House Prices

House Prices - London

–– Average annual price growth in London continues to slow – from 8.3% in July to 6.6% in August, according to the Land Registry. London is now behind both the East of England and the wider South East in terms of house price inflation.

–– At borough level, prices are rising fastest in Newham (+15.5%) while in Camden (-1.7%) and Hammersmith & Fulham (-0.3%) they have actually fallen year-on-year.

“The wider market continues to struggle with affordability issues, despite low mortgage interest rates. The prime sector meanwhile is still suffering from the impact of Stamp Duty changes, the mismatch between buyers and sellers on price, and the overall shortage of properties available to buy. “

Nick Barnes, Chestertons’ Head of Research

House prices – national & regional

–– Land Registry data reveal that average house price growth also slowed at national level in August (+4.2% compared to +4.6% in July). The East of England remains the region with the fastest rising house prices (+8.4%) followed by the South East (+7.6%).

–– Research from the Halifax suggests that flats have risen more in value than other housing types over the past decade. According to the study, the average price of flats has risen by 60% since 2005, compared with an average of 38% for all properties. Detached homes (21%) and bungalows (28%) have recorded the smallest rises over the past decade.

“The focus of growth is shifting away from London to the East and South East regions. Prices are being driven to a large extent by commuters on London salaries who can take advantage of lower house prices outside the capital.”

Nick Barnes, Chestertons’ Head of Research

House Prices

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