Kate Faulkner's Property Price Report - June 2014

publication date: Jun 26, 2014
author/source: Kate Faulkner, Property Expert and Author of Which? Property Books
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Property Price Report June 2014

We take an in depth look each month at what the property price reports are telling us. They tend to measure the market at different times and also in different ways – which is why some indices give average prices of under £200,000 and other’s over £200,000! It’s not the number that is so important, it’s really what the trend is – whether that’s up or down and what’s impacting the market.  

Download the full report for June 2014

What's happening to property prices at the moment?

  • The Nationwide reported average property price of £186,512 for May 2014, which is up around 11% year on year, when compared to the same time last year.
  • The Land Registry average price for April 2014 of £172,069, a year on year increase of 6.7%.
  • The Acadata reported average property prices in May 2014 are £266,013, which is up 8.5% year on year.
What's happened over the last 12 months?
  • ‘Average property’ prices for mortgaged properties started off at £162,245 in January 2013 and have grown consistently to a height of £186,512 for Nationwide (May 2014).
  • Land Registry’s average sold prices (including some cash sales) started at £161,795 in January 2013 and have now reached £172,069 (April 2014).
  • Acadata’s average property prices for all properties started off in January 2013 at £227,478 and have now reached a high of £266,013 (May 2014).
Download the full report for June 2014

What's happening regionally to property prices in Scotland, England, Wales and Northern Ireland in June 2014?

  • Acadata’s Scottish index suggests average house prices are rising and house sales levels are increasing

  • In Northern Ireland, property prices have improved slightly over recent months, but continue to struggle being -44% down versus the height of 2007/08

  • London is still the only region to have recovered to the high of 2007/8, although the South East is now only 1% short of reaching its previous high.

  • The East and West Midlands, South West and the East are improving, but are still down against the 2007/8 high by between 3% and 13%.

  • The North East, North West and Yorkshire and Humber property prices remain between 17% and 24% below 2007/8 heights.

Kate's Market Commentary:-
The pent up demand which has driven prices forward thanks to a lack of stock coming onto the market over the last 18 months seems to be peaking. I’ve certainly seen in several property searches a dramatic increase in properties coming onto the market, and rather than agents waiting for me to contact them, they are now chasing me to view. The second change in the stats too is numbers now are comparing a rising market in 2014 versus a rising market in 2013. This means that the difference ‘year on year’ is likely to narrow and the result of this is media reports of a ‘slowing market’ which will help to calm even the likes of London down a little. I expect by the end of the year, the idea of us being in a housing bubble caused by Help to Buy rather than prices rising due to pent up demand from 2.5 million people who didn’t buy between 2007 and 2012, will become more clear that it was a 'red herring'.” 

Download the full report for June 2014

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