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House Price Index Dec 15

On 16 Feb 2016 the Office for National Statistics (ONS) released their House Price Index for Dece...

On 16 Feb 2016 the Office for National Statistics (ONS) released their House Price Index for December 2015.

The key figures relating to house price changes in the UK are as follows:

UK house prices up by 6.7% in the year to December 2015.House price inflation in England was 7.3%, down from the 7.7% to November 2015.Average sold house prices in the South-East rose by 8.8%, up from the 12 month increase to November (8.3%).

A total of 17 properties were sold during December 2015 in Newbury RG14, for an average of £351,794.  This is a change of +32.5% against December 2014.

On 16 Feb 2016 the Council of Mortgage Lenders (CML) released their data on loans made in December 2015.  Key points as follows:

29,300 loans were advanced to first time buyers, for a total of £4.5Bn.  Increase of 11.4% in number, and 18.4% in value from December 2014.22,500 loans were advanced for BTL, for a total of £3.4Bn.  A 30.1% increase in number and 19.8% in value.

 

 

As we do not yet have the full data for December’s sales, we cannot expect that +32.5% is the correct figure.  We do, however, now have the full figures for November 2015’s house sales, revealing that 51 properties were sold in RG14, for an average of £321,198 – an increase of 13% on November 2014 – and close to the 16% increase that was shown by the preliminary figures we reported last month.

 

We also probably have enough data to get a reasonably accurate figure for the annual change.

In 2015, (data as yet incomplete), there were 532 properties sold in RG14 at an average of £316,414.  This compares to 934 properties for an average £269,846 in 2014 – an increase of 17%.

 

Finally, with all the changes to the BTL sector, does it still make sense for investors to consider property?  We certainly think so, provided investors have a long term plan with a defined goal and most importantly do their research in full before spending their hard-earned.

For a chat about property in Newbury and surrounding areas, call Tim on 01635 888 288.

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