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Property Options’ UK Market Overview – May 2018

Written May 17, 2018 By Property Options Leave a Comment

Here is Property Options’ latest update on the UK Buy To Let (BTL) market – for May 2018.

This update is by economist Chris Worthington, who is one of our regular PIM speakers.

 

London buildings skyline

House Prices

Some recent reports in the media have given the impression that house prices are falling, or that the historic annual increase in house prices has ground to a halt.

  • In March Rightmove reported that the average increase in house prices in the UK had fallen from 2.1% to 1.6%.
  • The latest index from www.home.co.uk found that asking prices in Greater London fell by 2.3% year on year and in the South East asking prices were down by 0.4%.
  • The latest figures from the Office for National Statistics (ONS) also recorded a fall in house prices in London of 1% in the year to February.

In search of a more detailed analysis, Chris has turned to the latest UK Cities House Price Index published by Hometrack.

The Index records the year on year increase in house prices in the twenty major cities in the UK.

The latest average increase is 5.5% and the top 3 cities in the table are Edinburgh (8.1%), Nottingham (8.0%) and Manchester (7.4%).

The only city in the South of England in the top half of the table is Bristol, placed ninth, with a year on year increase of 5.8%.

The Hometrack House Price Index for the London Local Authorities provides useful detail about the geography of the annual change in house prices in the capital.

The top four local authorities for house price increases are all on the fringes of London. These are Mole Valley (3.2%), Redbridge (3.1%), Gravesham (2.6%) and Epping Forest (2.6%). This appears to continue the trend of the highest annual increase in house prices rippling out from the more central London boroughs.

The London Boroughs where year on year prices have fallen are concentrated in central London including Kensington and Chelsea (-1.9%), Southwark (-2.3%), Camden (-1.1%) and Islington (-1.0%).

Hometrack also publish the All City House Price Index that includes the larger towns in the UK together with the major cities, a total of 65 locations.

In this table Edinburgh is beaten to fourth place by Newport (9.4%), Dundee (8%) and Blackburn (8.9%). Housing in these locations is relatively cheap, average prices are £147,900 (Newport), £116,900 (Dundee) and £103,600 (Blackburn).

On this evidence, the fall or levelling out of house prices recently reported in the media is largely unsubstantiated, other than in the inner London boroughs.

Most of the major cities outside of London, including Bristol, continue to perform well and there are good prospects for buy to let for investments in several locations in various parts of the country where property is relatively cheap.

Find Out More

We will all be discussing the latest position on the property market, both in Bristol and across the UK, at our next PIM on Thursday 31 May 2018 at Future Inn, Bristol City Centre, 6-9 pm.

We hope you will join us then.

For more info and to reserve your place Click Below

Book Your PIM Tickets

 

 

Property Options Bristol

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Filed Under: News Tagged With: Bristol, House prices, UK

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