Pete Wargent blogspot

CEO AllenWargent Property Buyers, & WargentAdvisory (institutional). 6 x finance author.

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Tuesday, 13 October 2015

UK house prices +5.2pc


My one-man mission to see all of Britain's country houses continues this week.

After Erddig in Wales earlier in the week, next off the list Kedleston Hall in Derbyshire.

Britain has managed to demolish more than 1,200 of its country houses since 1900, largely thanks to inheritance and other taxes. 

Fortunately many have been handed over the National Trust to be preserved. 

House price index latest

The latest UK house price index data from the Office for National Statistics showed UK house prices rising by a seasonally adjusted +0.7 per cent to be +5.2 per cent over the year. 

Average mix-adjusted prices in England reached a new high of GBP298,000, not seasonally adjusted, to be +19.9 per cent higher than as at the pre-financial crisis downturn. 

House prices in Scotland, Wales and Northern Ireland remain below their respective pre-correction peaks (in Northern Ireland prices remain a whopping -43.6 per cent below where they were at the bubblicious peak of August 2007).

The strongest growth over the past year has now been found in the immediate surrounds of London, namely the East (+8.8 per cent) and South East (+7.4 per cent).

London's premium central market is flagging in response to punitive stamp duty changes, although across the city prices are still up by +4.2 per cent over the past year. 

Since January 2008 preceding market peak the strongest price growth has been seen in the capital city (+45.3 per cent), the South East (+21.7 per cent) and the East (+20.5 per cent) respetcively.

Still very few signs of inflationary pressures and so interest rates remain stuck at the zero lower bound, while buy-to-let mortgages broke a new record with Accord now offering a 1.84 per cent mortgage rate. 

The latest mortgage data suggests that price growth will continue into the new year.