- but transactions fall
Average Price now £218,255
According to the ONS and Land Registry, in January UK house prices rose 6.2% year-on-year, up from 5.7% recorded in December.
- By nation, house prices grew 6.5% in England, 4.2% in Wales, 4.0% in Scotland and 5.7% in Northern Ireland.
- According to region, annual house price increases in England were driven by rises in the East of England (9.4%), South East (8.7%) and London (7.3%).
- Overall, the average UK house price in January was £218,255. The lowest was £123,781 in North East and the highest was £490,718 in London.
Transactions Slightly Lower
According to HMRC, in February, the number of property transactions in the UK totalled 103,910.
- This was a 0.7% decrease from January and was 1.9% lower compared to a year earlier.
- The Council of Mortgage Lenders reported that total gross mortgage lending in February reached £18.2 billion. This was 7.9% lower than in January but 0.7% higher than a year earlier.
Mortgage Approvals Down
The British Bankers Association reported that the number of mortgage approvals for house purchase decreased 4.6% on an annual basis in February and was 3.5% lower on a monthly basis.
- The value of these loans were 2.7% lower than a year ago and decreased 3.1% compared with January.
- The number of loans for re-mortgaging decreased 0.3% year-on-year and 9.5% month-on-month.
- In terms of value, loans approved for re-mortgaging decreased 0.5% year-on-year and 8.8% on a monthly basis.
Creating Better Value Homes
Freeing architectural design from the strictures of present day commercial housing development could enable more ‘better’, ‘larger’, ‘smaller’, ‘interesting’, ‘enjoyable’, ‘vernacular’ homes to be provided. If so, then demand is more likely to be for one-off and short batch run produced homes and other buildings.
- As long standing Chartered Building Consultants (CIOBC) this forms part of our approach to pre-fabrication. It helps us deliver the high quality homes that architects and their clients want at prices they can afford.
- We welcome approaches for the development of new ideas and methods.