| 04th July 2006 |
| |
Despite many warnings
at the beginning of the year that house
prices would fall during the year, house
prices continue to rise. The evidence
given for a fall was the increase in unemployment,
lower wage increases coupled with increasing
inflation and the likelihood of interest
rates rising. |
| |
The Department for
Communities and Local Government reported
that the value of terraced and semi-detached
houses increased by more than the national
average during April. Terrace properties
increased in value by 2% while the average
semi went up by 1.1%.
|
|
| |
At the beginning of the year
the Council of Mortgage Lenders (CML) forecast
that house prices would increase by 2 per cent
during 2006. They have now revised their expectations
to 7 per cent higher during 2006.
|
| |
The Land Registry’s
latest residential property price report covering
the period Jan to March 2006 shows the average
house price in England and Wales was £192,745
an annual increase of 5.05%, this is half the
rate for the similar period for 2005 which was
10.27%.
|
| |
The volume of sales has increased
dramatically by 37.49% from 159,116 in 2005 to
218,770 for the same period in 2006. The number
of properties over £1m increased to 1032
compared to 655 for the same period in 2005. |
| |
Although, according to the
Bank of England, mortgage approvals fell to a
7 month low in April, the figures from the CML
show that May was 18% higher than in April, 30
per cent higher than May 2005 and the second highest
month ever.
|
| |
Michael Coogan, the director-general
of the CML said: “Lending has hit record
levels in six of the last eight months supported
by the strength of the London Market” Although
Mr Coogan said his organisation expects demand
to moderate later in the year, it still looked
set to be robust for the immediate future.
|
| |
The evidence from the Land
Registry, Council of Mortgage Lenders and government
is of increased sales coupled with prices that,
although rising less quickly than last year, show
that the housing market is still alive and well. |
| |
LandSearch are the largest
online providers of land registry information
for the whole of the UK and Ireland. We can provide
information about land and property for private
individuals and organisations. |
| |
We can supply Property Registers
and Title Plans, names of owner information, searches
on land without a postal address, home information
packs, rights of way and rights of access searches,
boundary dispute searches, history and manorial
searches, local government and environmental searches,
bankruptcy, judgement and company searches. |
| |
