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House prices up 7.8% on January 2014

Jan 15, 2015
According to property search website Home.co.uk house prices are rising in more regions than might be expected for the time of year and price discounting is at a four-year low.

The current mix-adjusted average asking price for England and Wales shows that properties on the market are valued 7.8% higher than in January 2014. The biggest price growth was observed in Greater London over the last month (+0.6%, despite falling prices in Prime Central London). Prices also rose in the North East during the last month (+0.4%), which is encouraging given that the recovery has not yet been evident in the most northerly English region.

The positive momentum gained through the course of 2014 has clearly been carried through into 2015. Demand remains ahead of supply in most parts of the UK and looks set to stay that way as mortgage deals seemingly get better and better.

The only dark clouds on the current property horizon would seem to be the alarming price falls in Prime Central London and various potential housing policy changes that will be debated in the run-up to this year’s election. Flat prices have fallen by an average of 9% over the last 12 months in Central London. Over the same time, the number of flats for sale in Central London has increased by 64%. Home.co.uk considers there is a significant risk that the same price correction will be perpetuated throughout Greater London and the South East over the course of 2015/16.

Possible changes in property taxes and rent capping also carry uncertainty and risk for the market in a year that will be coloured by political policy change.

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