Latest House Price Index

With the first time buyer stamp duty holiday ending on March 24th and more turning to renting as mortgage providers become more cautious with their lending; can the latest House Price Index shed a more definitive light on the current shape of the UK’s housing market?

According to the Department for Communities and Local Government January House Price Index, released on March 13th, average house prices dipped in five of the nine English regions over the year to January 2012. The North West accounted for the largest fall in prices at 3.5 per cent, while the North East and South West both saw the smallest decreases with a matching figure of 0.5 per cent

In contrast five regions saw marginal increases in the year to January 2012. Prices in South East shot up by 2.2 per cent, followed by East Midlands at 1.9 per cent and the North East which rose by 1.5 per cent. Surprisingly London showed the smallest property value increase, rising by 0.7 per cent.

Average house prices

Would-be homeowners have already been deterred from entering the market, and with average mix-adjusted house prices at the beginning of the year standing at £214,852 in England, who can blame them. Those buyers looking for more from their money could look to Wales (£143,441) Scotland (£158,868) or even Northern Ireland (£133,156).  

Though London’s house prices have stabilised over the year according to the report, the city still takes the top spot when it comes to house prices. Houses in the capital come in at an average of £349,178. To really make the most of your property budget UK property investors would do well to head to the North East which has the lowest average price at £129,501.Prices in London and the South East exceeded average UK house prices in January 2012.

First time buyers are also having to pay a higher price for their first home. This average price for properties within this group (£153,233) increased by 0.8 per cent.

If you are struggling to afford your first home, debt consolidation could help to free up much needed capital.

Steven Cooke

Steven has worked with the company since November 2006. As a Trainee Insolvency Practitioners (IP) Steven works alongside IPs and debt advisors to provide support and answer technical queries on a case by case basis.

Steven is currently studying towards the JIEB qualification having completed the BTEC Advanced Certificate in Debt Resolution in 2009. Steven was part of the project team that attained DEMSA membership for Clearstart in 2010.

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Latest House Price Index

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