The latest house price index figures released from ONS Land Registry to close off the 2016 year show positive results in the housing market across the nation. The UK’s average house price sits at £219,544, a 7.2% jump from the same time last year and a 1.4% monthly increase.
The East of England enjoyed an 11.3% yearly increase, while England’s North East had the highest monthly growth at 2.3%, closely followed by Yorkshire and the Humber at 2.2%. The capital seems to be back on track with a 1.8% increase along with property values in Wales, which jumped 1% month on month.
These figures offer a renewed hope in the UK’s housing market for the year ahead following uncertainty in 2016.
Property expert and eMoov CEO, Russell Quirk, shares his insight below on the latest numbers.
There has been a number of sceptics where the state of the housing market in 2016 is concerned and although the likes of Halifax and Nationwide provide a snapshot of performance, the fact they are based on mortgage approval data, not cold hard completions, will always leave room for doubt.
But today’s data from the Land Registry provides a concrete view of how the market performed during a testing year and on the face if it, it held up very well all things considered.
Not only did prices see an increase of 7.2% annually, but heading into what is a quiet time of year for the market, an increase of 1.4% in prices and an uplift of 0.2% in transaction volume month on month, is a promising sign indeed for the year ahead.
Not only did the London market see healthy growth despite the changes to second home stamp duty tax brackets, but there is also positive signs across the rest of the nation. The market in Wales, in particular, has really suffered of late and so a 1% boost on November’s figures will be a welcome sign for Welsh homeowners.”
This latest market insight should spur a renewed confidence in UK homeowners that we have very much weathered the storm and that UK property is an attractive a proposition as it has ever been, whether you are buying or selling.Russell Quirk