The Housing Market

Thursday, 22 March 2007

RESIDENTIAL SALES

The average price of a UK home surged 2.1% during January 2007, taking annual property inflation to a 10.9% according to the Department for Communities and Local Government.  An average UK home now costs £205,286.  London prices have risen 9.9% in a year, more than anywhere else in England, but the biggest rise was in Northern Ireland where prices soared by 42.5%.  DCLG data is based on a sample of completed sales so is released later than other indices.

Only 34% of people buying expensive country homes in soutwest England come from within the region.  48% come from London and Southeast England, 16% from the rest of the U.K. - chiefly the Midlands - and 2% overseas.  Some 27% of all sales are to those buying a second subsequent home.

LETTINGS

The average flat across the U.K. rents out for £666 per month and a typical house for £1,107.  These figures rise to £917 and £1,372 the Southeast of England.  Most U.K. Landlords suffer between two and six weeks each year without a tenant or rent.  The data from the Association of Residential Letting Agents, is based on findings of 525 letting agents each with an average of 130 - 150 properties under their control.