UK housing market more sluggish than a year ago
Latest data released in June 2015 suggests¬ that Britain’s housing market isn’t as brisk as it was some 12 months ago.
In all, there were just over 98,500 house sales in May, according to HM Revenue and Customs (HMRC), a figure which, when seasonal adjustments were made, shows a decrease of 3% from a year before.
During the first nine months of 2014, UK house prices on sold properties rose more quickly than since before the financial crisis, with a steady increase in net house prices.
London house prices soared more than in other parts of the country. But more recently, the market for high-end properties in the capital in particular has slowed down significantly, not least because of the higher stamp duty on the priciest flats and houses.
And while some thought a Conservative win in this year’s General Election would spark a surge in activity and a big rise in “house sold” prices, the Financial Times in particular reports that the capitals property market “remains subdued”.
Similarly London’s situation is being mirrored in Oxford, where the property market is now cooling.
As one industry insider said: “Affordability pressures are bound to bite at some point, especially in the high growth and high value markets.”
Nationally, HMRC’s data is not the only information to indicate a broader slowing down across Britain’s housing market. The Nationwide, Britain’s biggest building society, said that in May, sold house prices rose by an annual 4.6%, a figure which was down from 5.2% the month before, and was half the rate for the same month last year.
The average home is now valued at just shy of £179,700.
Areas where sales have been particularly sluggish include Newcastle, Sheffield and Liverpool. In these cities, prices remain below their pre-crisis peaks. Meanwhile, in Belfast, home prices are approaching 5% below pre-crisis levels. In Wales, house prices for sold properties dipped by 1.7% in May this year, compared with April.
Not all bad news
It’s not all bad news, however, with other data forecasting a modest pick-up in the market and mortgage activity later on in 2015. And in eastern England, for example, the rate of house price increase is now nearly at the same level as it is in the south east, according to recent figures released by the Land Registry.
But if you’re itching to get on with having a new home and ticking items off your moving house checklist, and are wondering “How much is my house worth?” now could be a good time for a house valuation, whether you’re looking to sell up in the usual way or considering embarking on a house exchange.
How Fastest House Buyer can help
Especially in the current climate, traditional selling methods don’t always work, especially if you are after a quick sale. At Fastest House Buyer, we make the process of selling your home suit you, without chains or other hassles. Speak to us today.
Written by: The Team | On: June 29, 2015