UK property is up 0.1%

Private Property South Africa
Scott Picken

JULY 2009

FTHPI NEWS RELEASE 9:30 FRIDAY 7TH AUGUST 2009

England and Wales house price trends from Acadametrics

• House prices in July rose by 0.1%

The average price of all property transactions completed in England & Wales in July 2009 was 0.1% higher than in June. This is the second month in succession that we have seen positive growth in house prices, albeit at low levels.

• Prices are now 10.9% lower than a year ago

On an annual basis, the average price of all completed transactions in England and Wales in July is 10.9% lower than a year ago. The trough in the house price decline, on an annual basis, was reached in April 2009 at minus 13.6%.

• Housing Transactions are on the increase

The number of housing transactions has increased each month from a low of 27,000 in January 2009, to a figure of 47,000 in June 2009. In Q1 of this year the monthly average number of properties sold was 30,598; this is 63.4% lower than the average number of properties sold during the same three months for the period 2000–2008. In Q2 of this year the monthly average number of properties sold was 41,971; this is 58.4% lower than the average number of properties sold during the same three months for the period 2000–2008.

Dr Peter Williams Chairman of Acadametrics said

“The average house price continues just below the £200,000 mark and at £199,903 is now back to where it was in February 2006, that is more than 3 years ago.

“The monthly % change at 0.1% contrasts markedly with the -2.2% in November 2008, and the data do suggest that the sharpest falls are behind us and that the rate of decline has now slowed significantly, even if it is too early to talk of a prolonged reversal.”

Go to http://www.ipsinvest.com/News.aspx?id=174 to download the full document.

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