Prices down slightly
House prices were slightly down between January and February, according to the latest figures published by the Office of the Deputy Prime Minister (ODPM). However, year-on-year property inflation showed slight upward movement.
The average property was priced at £179,491 in February, in comparison with £180,465 in January. Annual inflation rose to 10.5 per cent in February, up from ten per cent in the previous month, the department said.
The dip in value applied to all property types except flats. Detached and semi-detached houses fell by 1.2 per cent and 0.6 per cent respectively.
London continues to have the most expensive properties, with the average house in the capital costing £262,138. This compares to £125,699, the average in the least expensive region, North East England.
The average home in England is priced at £189,249, compared to £140,995 in Wales, £115,294 in Scotland and £119,596 in Northern Ireland.
New homes statistics
New build completions for the combined public and private sectors in February were up by one per cent on the same month last year, according to NHBC. Applications made to start new homes, meanwhile, were up 22 per cent from January at 14,678. Housing association applications showed the biggest increase, more than balancing out a fall in private sector applications.
Lettings market gathers pace
The lettings market has been steadily increasing since the New Year, according to Hamptons International. In their monthly survey of the rental market Hamptons has found that the unsettled sales market has worked to the benefit of those in the lettings market.
The increase, according to Dayle Hodgson, Hamptons’ senior manager for Central and South London, means that ‘we are now witnessing similar activity levels compared to the same time last year. Lettings suffered during the buoyant sales market but we are pleased to note that stability has returned and the market is back on track.’
Many landlords, however, have shown caution regarding the general election and are reluctant to commit to a long period of letting until they know the outcome of the 5 May contest, says Hodgson.