First-time buyers paid 2.8% more for their homes in March as they tried to make savings of 1% in Stamp Duty.
The Office for National Statistics said that first-time buyers were unique in paying higher prices this March than March of the previous year.
For owner occupiers moving homes, prices decreased by 1.6% over the same period.
The ONS index, one of the Government’s two official house price indices which sits alongside the very different Land Registry survey, said that overall, UK house prices in March this year were 0.4% lower than a year ago.
It said house prices had barely changed since the beginning of 2011, other than in Northern Ireland where there have been big price falls of 10.7%.
Also noticeable in the index is that the price of new homes has shot up by 6.9% in the 12 months to March, while London house prices have slipped by 0.6%. Although a small fall, it is the first move downwards for London property prices since October 2009.
The ONS puts the average house price in the UK during March at £225,283 – considerably above the Land Registry’s price of £160,372 for the same month.
Meanwhile, the NAEA said there were signs of ‘another slowdown’ in the housing market in April.
It said that listings increased per branch by just one, from an average of 61 in March to 62 in April, with an average of seven sales per branch during the month – the same as in March.
Wendy Evans-Scott, NAEA president, said: “Despite sales figures remaining stable, there is little sign of green shoots of growth in the levels of property supply and demand.
“Growth is being held back by continued restrictive lending policies from the major banks and lack of an adequate mechanism to support the first-time buyer market, a situation which will only get worse if mortgage rates rise as predicted.”
* The number of housing transactions in April was down markedly in April.
A total of 72,000 homes across the UK were sold, according to HMRC – down from 88,000 in April, although up on the 70,000 sold in April last year, when the Royal Wedding proved a distraction.
This April’s figure equates to 2,400 sold a day, compared with the long-term average of 3,383, said housing analyst Henry Pryor.
He said properties on the market have just an 8% chance of being sold in the next month, and a 34% chance of being sold within the next year.
View news source : IntroducerToday News
The Office for National Statistics said that first-time buyers were unique in paying higher prices this March than March of the previous year.
For owner occupiers moving homes, prices decreased by 1.6% over the same period.
The ONS index, one of the Government’s two official house price indices which sits alongside the very different Land Registry survey, said that overall, UK house prices in March this year were 0.4% lower than a year ago.
It said house prices had barely changed since the beginning of 2011, other than in Northern Ireland where there have been big price falls of 10.7%.
Also noticeable in the index is that the price of new homes has shot up by 6.9% in the 12 months to March, while London house prices have slipped by 0.6%. Although a small fall, it is the first move downwards for London property prices since October 2009.
The ONS puts the average house price in the UK during March at £225,283 – considerably above the Land Registry’s price of £160,372 for the same month.
Meanwhile, the NAEA said there were signs of ‘another slowdown’ in the housing market in April.
It said that listings increased per branch by just one, from an average of 61 in March to 62 in April, with an average of seven sales per branch during the month – the same as in March.
Wendy Evans-Scott, NAEA president, said: “Despite sales figures remaining stable, there is little sign of green shoots of growth in the levels of property supply and demand.
“Growth is being held back by continued restrictive lending policies from the major banks and lack of an adequate mechanism to support the first-time buyer market, a situation which will only get worse if mortgage rates rise as predicted.”
* The number of housing transactions in April was down markedly in April.
A total of 72,000 homes across the UK were sold, according to HMRC – down from 88,000 in April, although up on the 70,000 sold in April last year, when the Royal Wedding proved a distraction.
This April’s figure equates to 2,400 sold a day, compared with the long-term average of 3,383, said housing analyst Henry Pryor.
He said properties on the market have just an 8% chance of being sold in the next month, and a 34% chance of being sold within the next year.
View news source : IntroducerToday News
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