HM Land Registry have released the latest House Prices Index and bearing in mind all that is going on at the moment (or not!) it is a good time to look at these.
The January 2021 figure shows that the average house price has fallen by 0.6% since December 2020. The annual price rise of 7.5% takes the average property value to £266,532.
The West Midlands saw the lowest monthly price growth, with a fall of -2.3% and the lowest annual price growth, with a rise of 4.7% with an average house being worth £210,454.
Nationally there were 247 repossession sales with the lowest number in November 2020 in the East of England and the highest number of repossession sales in November 2020 in the North West. The West Midlands had 16.
It is interesting to see the growth in all types of house type as against January 2020. Semi detached performing best and flats least best (I won’t say worse as all grew!)
| Property type | January 2021 | January 2020 | Difference % |
|---|---|---|---|
| Detached | £409,290 | £376,422 | 8.7 |
| Semi-detached | £255,015 | £233,645 | @9.1 |
| Terraced | £217,520 | £200,819 | 8.3 |
| Flat/maisonette | £228,471 | £223,969 | 2.0 |
| All | £266,532 | £247,898 | 7.5 |
For new builds average prices in November (not enough activity in December and January) were £320,918 (an annual rise of 9.1% and a monthly rise of -0.7%). “Old” properties showed an annual rise of 6.8% and monthly rise of 1.4% with an average price of £261,924.
London, as ever has its own story
Wales shows, on average, house prices have fallen by 1.9% since December 2020. An annual price rise of 9.6% takes the average property value to £178,907.
There were 24 repossession sales for Wales in November 2020.
Bearing in mind the buffeting the Economy has suffered in recent months, the Housing Market has proved very resilient and even buoyant in some areas. Long may it be so!
In fact the Housing Market as a whole is at a 5 year high, 12 months after the first lockdown.
In February 2021, there were 113,830 transactions which were proportionally higher than the previous year at 74,000.
The latest figures are the highest they’ve been since March 2016.
If you would like any advice please contact our Conveyancing solicitors in Kidderminster office or Stourport on Severn office on 01562 702655 or 01299 848944
