February 2015 House Price Watch
This month's House Price Watch indicates house prices are up on average 0.4% in the past month and up 7.9% in the past year
Most indices report a continued slowing of annual house price growth
- There were just over 100,000 residential home sales in December, 0.4% lower than a year ago (Source: HMRC seasonally adjusted figures).
- Mortgage approvals are approximately 20% below the peak at the beginning of last year (according to Nationwide figures).
- Surveyors report subdued levels of new buyer enquiries and a lack of new properties going up for sale.
- Uncertainty around the upcoming General election, more stringent lending criteria and the expectation of an interest rate rise at some point in 2015 may be having an unsettling effect on the housing market.
However, most expect a positive outlook for the housing market in 2015
Property websites report a flurry of activity early in January and if the economic backdrop continues to hold most forecasters expect the housing market to regain momentum in the months ahead.
“Early 2015 statistics currently point in the right direction for home-movers with the Chancellor’s early Stamp Duty Christmas present perhaps being the spur for people making New Year resolutions to get on with moving.” Rightmove
Four out of ten regions experienced a drop in average house price in the past month
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