Continued growth for housing market

Housing Wed, Mar 23, 2016 10:30 AM

Continued growth for housing market

House prices rose by 3.2% in the year to the end of November across England and Wales, but were up 10.6% in London, the Land Registry has said.

There was a wide range of annual price changes across the various regions, with the North East of England seeing a fall of 1.6%, the figures show.

The Land Registry said that the average home went up in value by 0.1% in November compared with October. That meant the average home was valued at £165,411.

The biggest gain in value annually after London was in the South East of England, where prices rose by 3.5%.

Terraced homes showed the biggest annual increase in prices, by 3.9% on average, with semi-detached properties showing the slowest increase, up 2.5%. Activity in the UK housing market has been picking up pace over the year, with sales and prices on the increase.

However, many measures consider both still to be well below the levels seen during the housing boom of the last decade.

The latest figures from the Office for National Statistics (ONS) also suggested that prices in London were growing more rapidly than the national average in the year to the end of October.

The Land Registry data includes houses bought for cash, as well as those purchased with mortgages. It is also based on actual sale prices, whereas the ONS figures are based on mortgage completions.

Meanwhile, Downing Street has said that almost 750 homes have been bought via the Help to Buy mortgage guarantee scheme. The UK-wide scheme, started in October, lets people buy homes with a deposit as small as 5% of the total cost.

Releasing figures from the start of the scheme up to 18 December, Downing Street said almost 750 homes had been bought and about 6,000 people had made offers on properties.

The figures come from RBS and Lloyds Banking Group, the two lenders which joined the scheme from the start.

Under the Help to Buy mortgage guarantee scheme, the government allows lenders to buy a seven-year "guarantee" - backed by the taxpayer - covering 15% of the loan value in case the borrower defaults.

Featured News

Specification news
Schlüter-Systems creates a stylish and well-protected...

A magnificent high-end residential project located in the peaks of Saddleworth in ...

Read More >>

Specification news
Freefoam roofline & gutters chosen for sustainability...

Vistry Group’s groundbreaking Vistry Innovation Centre features a range of...

Read More >>

BUILDING PRODUCT LIBRARY - LATEST BROCHURES

Gerflor Taraflex® Sports Flooring | 2024 | EN Brochure

Gerflor Taraflex® Sp...
By Gerflor

Download Now >>

Gerflor Social Housing Floors | 2024 | EN Brochure

Gerflor Social Housi...
By Gerflor

Download Now >>

Gerflor Retail Flooring | 2024 | EN Brochure

Gerflor Retail Floor...
By Gerflor

Download Now >>

Gerflor Industry Flooring | 2024 | EN Brochure

Gerflor Industry Flo...
By Gerflor

Download Now >>

Gerflor Hospitality Flooring | 2024 | EN Brochure

Gerflor Hospitality...
By Gerflor

Download Now >>

BUILDING PRODUCT DIRECTORY - LATEST PRODUCTS

Straightcurve®
Straightcurve®

Straightcurve® – headquartered in Australia, is renowned for high-end innovative garden edging,...

Read More >>

RLG600 Access Flooring System
RLG600 Access Flooring System

The Kingspan RLG600 raised access floor panel is intended for light office use and is capable of...

Read More >>

RHG600 Simploc
RHG600 Simploc

Kingspan RHG600 Simploc is the heavy grade floor system, capable of handling up to a 12kN/m2...

Read More >>

CONSTRUCTION VIDEOS - LATEST VIDEOS

Discover the first-ever reference book for stone wool insulated sandwich panels
Discover the first-ever reference book for stone wool insulated sandwich panels

“Building with stone wool insulated sandwich panels” written by Professor Imperadori, is now...

Watch Now >>

Portakabin | Installation at the iconic Admiralty Arch, London
Portakabin | Installation at the iconic Admiralty Arch, London

Portakabin | Installation at the iconic Admiralty Arch, London

Watch Now >>