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West One Loans comments on today's Land Registry House Price Index figures PDF Print E-mail
Tuesday, 28 July 2015

Duncan Kreeger, director of short-term lender West One Loans, comments on today's Land Registry House Price Index and the ONS GDP Growth figures.

He said: “House prices have now returned to pre-crash levels, with the capital once more driving the market with the most significant rises. But while this is music to the ears of homeowners who will see the value of their asset rise, it is further frustration for first-time buyers who see their dreams of property ownership pushed further out of reach.

“This news is compounded by the fact that the ONS GDP growth figures show a flatlining construction industry – which doesn’t suggest the miracle of new homes the UK needs. This lack of supply places further price pressure on existing stock and means that prospective homeowners are facing an uphill struggle. We heard plenty of promises before the General Election about how many new homes would be built each year and now is the time for the Government to make good on their pledge. Developers and those reintroducing properties to the UK’s housing stock need lending support to help deliver this.  And while short-term providers have taken up some of the slack, high street lenders need to follow suit.”

(Source - West One Loans Comment)

Land Registry House Price Index, June 2015

    •    The June data shows an annual price increase of 5.4% which takes the average property value in England and Wales to £181,619 overtaking the previous peak of £180,983 in November 2007. Monthly house prices up 1.1% since May 2015.
    •    The region with the most significant annual price increase is London with a movement of 9.2%
    •    Sales and repossessions during April 2015, the most up-to-date figures available, show that repossessions in England and Wales decreased by 48% to 505 compared with 974 in April 2014  

 

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