UKHPI reveals marginal growth in November 2019

The latest UK House Price Index from HM Land Registry has shown marginal growth for November 2019 that, due to it being only marginal, appears somewhat insignificant when compared with previous months throughout the 2019 year.

Overall house prices across the country increased by a proportion of 0.4 per cent, meaning that the average cost of a property in England and Wales comes at a cost of £235,298, whereas over the course of the 12 months that built up to November 2019 the country experienced a price increase of some 2.2 per cent.

Breaking this up into the respective nations of the UK, England experienced an ever more marginal increase than the country as a whole with an incline of just 0.3 per cent which saw the average English household valued at a total of £251,222, while the 12 months building up to November 2019 displayed an average house price rise of 1.7 per cent.

By region however, it was surprisingly the West Midlands which experienced the greatest monthly change in value, since October 2019, with house value having gone up by a proportion of 1.7 per cent, being closely followed by the East Midlands and the North West which likewise saw prices rise by a proportion of 1.1 per cent.

This can be viewed as surprising due to the North East having undergone the greatest increases in house price over recent months, although this did little to change the fact that it is the region with the lowest average property value, whereas, in recent times, it is usually the North West which experiences the greatest decrease in average property value.

Following on from this, the region which, in November 2019, did experience the greatest decrease in average house value was Yorkshire and the Humber after having decline by one per cent over the course of the month, with the East of England and London in close pursuit after decreasing by 0.7 per cent and 0.5 per cent respectively.

However, in regard to the 12 months building up to November 2019, the region which experienced the greatest rise in average house price was the West Midlands where, over the course of the year, household value increase by four per cent, whereas the region which suffered the most significant decline was the East of England after gradually falling by a marginal proportion of 0.7 per cent.

In stark contrast to England, Wales has witnessed some drastic changes in both November 2019 and throughout the 12 months building up to it, with the average house price in the nation having risen by a proportion of 3.5 per cent since October while, over the 12 months building up November, property value sky-rocketed by 7.8 per cent.

This ultimately brought the average house price in Wales to £172,574 which, though significantly less than the average English household value, is more than the average cost of a house in the North East, North West, and Yorkshire and the Humber.

Repossession sales in England where high in November 2019, with 525 repossession sales across the country as a whole. The region with the lowest number of repossession sales that month was the East of England, unsurprisingly, with just 14 sales whereas the region with the highest number of repossession sales was, yet again, the North West with 123 sales.

Wales experienced significantly less repossession sales in November 2019, as per usual, with just 45 sales.

Some of the most notable housing construction projects to be completed, planned, and approved in November 2019 where situated in London, with various residential complexes and retirement villages underway in the boroughs of Havering, Wandsworth, Goodmayes, and Barking.

Although, part of the West Midlands’ recent success in increasing household value could be down the multi-million pound construction of the new 2022 Common Wealth Games athletes’ village in Birmingham.

If you would like to read more articles like this then please click here.

The post UKHPI reveals marginal growth in November 2019 appeared first on UK Construction Online.