House prices see biggest monthly boost for a year
- Average house prices across England and Wales jumped £1,900 in August – fastest rise seen for past twelve months
- Takes property values to eighth peak this year, standing at £282,816 after 4.1% annual increase
- East Anglia sees the highest rise in prices of all regions, due to a scarcity of properties coming to the market
- Overall home sales fall behind 2013 levels for the first time this year in August, following 14% monthly drop
- The North records strongest activity, with only increase in property sales over the past three months, up 3% year-on-year
Adrian Gill, director of Reeds Rains estate agents, comments: “House price growth now firmly has the bit between its teeth, and August witnessed the strongest monthly boost for a year. Average property values across England and Wales have jumped 0.7% (equal to £1,876) since July, which is the biggest monthly increase seen since August 2014. So far in 2015, monthly price rises had struggled to break above the 0.5%, so this clearly marks a step up in pace, as a shortfall of summer sellers puts buyers in hot contention for properties.
“August’s monthly surge takes house prices to their eighth peak this year, with the typical home value in England and Wales now standing at £282,816. This means that compared to last year, average property prices have climbed £11,225. More importantly, all ten regions of England and Wales are showing annual increases in house prices – the last region to experience a year-on-year fall in property values was Wales in July 2013.
“Home sales across England and Wales reached 76,700 in August, down 14% on July levels. This should be taken with a pinch a salt – July was an exceptionally strong month for transactions, and activity in August can be seen as balancing this out. But August is also the first time in 2015 to date that property sales have fallen below their equivalent month in 2013. In the three months to July 2015, property sales have dropped 3% year-on-year. Across all of England and Wales, the North is the only region where activity has increased over the period, with home sales up 3% during May to July 2015 compared to the same three months in 2014.