Dec 2016 House Price Watch

Dec 2016 House Price Watch indicates house prices are up on average 0.1% in the past month and up on average 5.1% in the past year

Dec 2016 House Price Watch average annual & monthly change

 

Annual house price growth stable; activity picks up

 

The major House Price Indices generally report house prices to be up very slightly in the past month ranging from a low of 0.1% change in house prices from Land Registry, Nationwide and LSL to a high of 0.2% from Halifax (the average change across Land Registry, Nationwide, Halifax and LSL is 0.1%).  Rightmove, report a fall of -1.1% in asking prices in November.

 

2016 Dec House Price Watch All Indices Comparison

 

UK home sales edged upwards in the past month — up 1% between September and October, although 8% lower than the same month last year (HMRC seasonally adjusted figures). Transactions have been below 2015 levels since the surge in sales in March (ahead of stamp duty changes on second homes).

 

Dec 2016 House Price Watch residential property transactions

 

Signs buyer demand is strengthening

 

Mortgage approvals for house purchases, a leading indicator of completed house sales, increased for the second successive month, rising by 6% between September and October (Bank of England).

 

RICS also reports that buyer demand has edged upwards for the third consecutive month.

 

Supply remains tight and could be a brake on activity

 

Homes available for sale is at record low according to RICS with no increase in stock for 9 months.  Rightmove say that new listing numbers are up by just 2% and available stock for sale per agent is down 5%.

 

However, new homes completions and starts are reported to be up; completions in Q3 2016 are up 7% and new starts in Q3 2016 are up 9% on the same period in 2015.

 

Regional Summary

House prices have fallen in a number of regions

 

The biggest fall in house prices in the past month was in the North West (-1.3%), the North East (-1.2%) and London (-1.2%).

 

London has seen a marked slowdown since June (dropping from 13.8% to 7.7%) annual growth.  LSL analysis suggests the drop in London house prices is occurring in prime central London where four out of five of the most expensive areas saw prices fall in the last month.

 

2016 Dec House Price Watch regional house prices

 

Prefer pictures, see our Infographic

 

To see how we calculate our House Price Watch click here and to see previous reports click here

Related Reads

How this site works

HomeOwners Alliance Ltd is registered in England, company number 07861605. Information provided on HomeOwners Alliance is not intended as a recommendation or financial advice.

Mortgage service provided by London & Country Mortgages (L&C), Unit 26 (2.06), Newark Works, 2 Foundry Lane, Bath BA2 3GZ, authorised and regulated by the Financial Conduct Authority (FRN: 143002). The FCA does not regulate most Buy to Let mortgages. Your home or property may be repossessed if you do not keep up repayments on your mortgage.

HomeOwners Alliance Ltd is an Introducer Appointed Representative (IAR) of LifeSearch Limited, an Appointed Representative of LifeSearch Partners Ltd, authorised and regulated by the Financial Conduct Authority. (FRN: 656479).

Independent Financial Adviser service is provided by Unbiased, who match you to a fully regulated, independent financial adviser, with no charge to you for the referral.

Bridging Loan and specialist lending service provided by Chartwell Funding Limited, registered office 5 Badminton Court, Station Road, Yate, Bristol, BS37 5HZ, authorised and regulated by the Financial Conduct Authority (FRN: 458223). Your property may be repossessed if you do not keep up repayments on a mortgage or any debt secured on it.

Privacy Overview

This website uses cookies so that we can provide you with the best user experience possible. Cookie information is stored in your browser and performs functions such as recognising you when you return to our website and helping our team to understand which sections of the website you find most interesting and useful.

Strictly Necessary Cookies

Strictly Necessary Cookies are required for the website to function correctly.

Show details
Analytics Cookies

This website uses Google Analytics to collect anonymous information such as the number of visitors to the site, and the most popular pages.

Keeping these cookies enabled helps us to improve our website.

Show details