Average London house price £479K says Land Registry

 

The Land Registry have recently released their HPI report for May 2015.

How Does the High Rate of Property Tax in the UK Affect London House Prices?

The UK property tax rate is the highest in the world, and it has a significant impact on London house prices. The high tax burden adds to the overall cost of homeownership, resulting in decreased affordability for potential buyers. Additionally, it may discourage property investment and impact the market’s overall stability.

Annual growth of 4.6 per cent in May brings the average house price in England and Wales to £179,696.

The annual price change now stands at 4.6 per cent, bringing the average house price in England and Wales to £179,696. The number of property transactions has decreased over the last year. From December 2013 to March 2014 there was an average of 69,282 sales per month. In the same months a year later, the figure was 61,789.

The May data for London shows a monthly increase of 0.7 per cent. At 9.1 per cent, the annual change for London is considerably higher than most other regions. The average price of property in the capital is £475,961 in comparison with the average for England and Wales of £179,696.

Key regional observations

— The regions with the most significant annual price increase are London and the South East with a movement of 9.1 per cent.

— Wales saw the only annual price fall with a decrease of 0.6 per cent.

— The East and the North East experienced the greatest monthly price rise with a movement of 1.6 per cent.

— Wales also saw the largest monthly decrease with a fall of 1.7 per cent.

 

Key London borough observations

— The borough with the highest annual price rise is Newham, with a movement of 17.5 per cent.

— Kensington and Chelsea experienced the highest monthly increase, with a movement of 2.4 per cent.

— City of Westminster saw the lowest annual growth of 2.7 per cent.

— Camden experienced the greatest monthly fall with a movement of -1.2 per cent.

Sales volumes

— In the months December 2014 to March 2015, sales volumes averaged 61,789 transactions per month. This is a decrease from the same period a year earlier, when sales volumes averaged 69,282 per month.

 

Repossession volumes

— In the months December 2014 to March 2015, repossession volumes averaged 675 per month. This is a fall compared to the same period a year earlier, when volumes averaged 1,063 per month.

— Repossession volumes appear to be exhibiting a downward trend.