UK property prices rise 6.7 pct y-o-y in November
House prices grew by 6.7% in the year to November, 0.3 percentage points higher than October in the UK , according to the UK House Price Index released by Land Registry. The average property prices in the UK reached £217,928.
According to the Bank of England’s Agents’ summary of business conditions, for the final quarter of 2016 (October to December) , housing market activity has recovered following a period of weakness after the EU referendum and stamp duty changes but remains weak in central London.
Between 2012 and the beginning of 2016, annual house price growth in London was generally the fastest of all regions in the UK. Annual house price growth in the East of England and the South East has now surpassed that of London for the 4th month in a row.
In terms of housing demand, the Royal Institution of Chartered Surveyors (RICS) market survey for November reported a modest increase in new buyer enquiries. According to the Bank of England, the volume of lending approvals for house purchase (seasonally adjusted) increased by 0.2% from October to November 2016, 3.7% lower than November 2015. The number of home sales in the UK (seasonally adjusted) increased by 0.8% between October and November 2016 according to UK Property Transaction statistics, 7.3% lower than November 2015.
On the supply side, RICS reported no change in new sales listings in November 2016 compared to October 2016. ONS Construction output in October 2016 reported total new housing was 12.6% higher than in October 2015.
|Country and government office region||Price||Monthly change||Annual change|
|Northern Ireland (Quarter 3 – 2016)||£124,093||0.8%||5.4%|
|East of England||£278,349||0.9%||10.5%|
|West Midlands Region||£181,372||2.2%||7.4%|
|Yorkshire and The Humber||£152,418||1.1%||5.1%|
Source: Land Registry