Continued growth for housing market

Housing Wed, Mar 23, 2016 10:30 AM

Continued growth for housing market

House prices rose by 3.2% in the year to the end of November across England and Wales, but were up 10.6% in London, the Land Registry has said.

There was a wide range of annual price changes across the various regions, with the North East of England seeing a fall of 1.6%, the figures show.

The Land Registry said that the average home went up in value by 0.1% in November compared with October. That meant the average home was valued at £165,411.

The biggest gain in value annually after London was in the South East of England, where prices rose by 3.5%.

Terraced homes showed the biggest annual increase in prices, by 3.9% on average, with semi-detached properties showing the slowest increase, up 2.5%. Activity in the UK housing market has been picking up pace over the year, with sales and prices on the increase.

However, many measures consider both still to be well below the levels seen during the housing boom of the last decade.

The latest figures from the Office for National Statistics (ONS) also suggested that prices in London were growing more rapidly than the national average in the year to the end of October.

The Land Registry data includes houses bought for cash, as well as those purchased with mortgages. It is also based on actual sale prices, whereas the ONS figures are based on mortgage completions.

Meanwhile, Downing Street has said that almost 750 homes have been bought via the Help to Buy mortgage guarantee scheme. The UK-wide scheme, started in October, lets people buy homes with a deposit as small as 5% of the total cost.

Releasing figures from the start of the scheme up to 18 December, Downing Street said almost 750 homes had been bought and about 6,000 people had made offers on properties.

The figures come from RBS and Lloyds Banking Group, the two lenders which joined the scheme from the start.

Under the Help to Buy mortgage guarantee scheme, the government allows lenders to buy a seven-year "guarantee" - backed by the taxpayer - covering 15% of the loan value in case the borrower defaults.

Featured News

Specification news
Vandersanden helps bring vision to life at Hermitage...

Consisting of eight net-zero townhouses, Hermitage Mews is an award-winning...

Read More >>

Specification news
Flooring That Helps Homes Reduce Environmental Impact

Beauflor® provides cost-effective and durable sheet vinyl flooring for social and...

Read More >>

BUILDING PRODUCT LIBRARY - LATEST BROCHURES

Stannah Maxilift Brochure

Stannah Maxilift
By Stannah Group

Download Now >>

Stannah Xtralift Brochure

Stannah Xtralift
By Stannah Group

Download Now >>

Pump Technology Product Range Catalogue Brochure

Pump Technology Prod...
By Pump Technology Ltd

Download Now >>

BUILDING PRODUCT DIRECTORY - LATEST PRODUCTS

Supreme Heavy-Duty Loft Ladder
Supreme Heavy-Duty Loft Ladder

The Supreme heavy-duty loft ladder is supplied as a ready to fit unit. It is manufactured from high...

Read More >>

Designo Loft Ladder
Designo Loft Ladder

The Elite heavy-duty loft ladder...The Elite heavy duty concertina loft ladder is supplied without a...

Read More >>

Elite Loft Ladder
Elite Loft Ladder

The Elite heavy-duty loft ladder...The Elite heavy duty concertina loft ladder is supplied without a...

Read More >>

CONSTRUCTION VIDEOS - LATEST VIDEOS

Proctor Air® Product Explainer
Proctor Air® Product Explainer

Proctor Air® is an air and vapour permeable, highly water resistant roofing underlay. Its...

Watch Now >>

Discover the Power of Blue Roofs in Urban Flood Management
Discover the Power of Blue Roofs in Urban Flood Management

In this video, we explore how blue roofs are transforming urban landscapes by helping to mitigate...

Watch Now >>

RMD Profiles - UK Experts in Metal Decking, Design Installation
RMD Profiles - UK Experts in Metal Decking, Design Installation

At RMD Profiles, we’re more than just metal decking. From supply-only solutions to full design and...

Watch Now >>