March 2015 House Price Watch
This month's House Price Watch indicates house prices are up on average 0.8% in the past month and up 7.3% in the past year
While some of the indices note a sharper rise in house prices in the past month, the overall trend of softening annual house price growth continues
Mortgage approvals are up for the first time in six months (up 2% between November and December according to recent Bank of England data).
Despite this news, housing market activity is more subdued than it was this time last year. The estimated number of housing transactions in January 2015 recorded by Land Registry is estimated to be 66,500, down 17% on the previous December and down 0.5% on the previous January (according to LSL Property Services analysis).
The overall outlook is for continued house price growth but at a slower pace.
A lack of housing supply appears to be constraining the market
A lack of of housing supply is resulting in a lack of quality housing for buyers to trade up to. “Some agents report lowest ever stock of quality property for sale, as lower owner-occupation, buy-to-let investors not selling, and owners’ reluctance to ‘sell before you find’ contribute to a 4% fall in new seller numbers compared to same period in 2014.” Rightmove
The gap between high and low house price growth cities is beginning to narrow
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