OCTOBER 29, 2014 | BY A & S Property
Average asking prices stabilising after consistent growth
The property market stabilised in Q3 2014 as the average asking price in Britain rose by just 0.85%, after nine months of consistent growth.
According to the figures, compiled from estate agents in the Move with Us network, the Greater London market was subdued in Q3 following the huge growth recorded in the first half of the year.
The region, surprisingly, wasn’t the strongest performing in Q3 2014, seeing the fourth largest percentage growth in Britain (1.03%). The figures indicate that the average asking price in the capital has settled at £466,147 for the time being.
The East Midlands saw the highest percentage growth in average asking prices (1.36%), reaching £192,787 in Q3. However, the relatively small increase is proof of a stabilising market.
The average asking price dipped in just two regions in the quarterly comparison, in the North East by 0.10% to £154,073 and in Scotland by 0.22% to £161,937.
Greater London experienced the most significant change in asking price between Q3 2013 and the same period of time this year – an increase of 18.80%. Meanwhile, the lowest annual quarterly growth was seen in the North East at a rate of 0.58%.
The asking prices report also looked into the average time properties were spending on the market. The North East recorded the highest figure of 147 days, while the quickest property sales were taking place in Greater London (61 days).
During September, the South East recorded the highest number of new listings with over 14,000 and the North East had the lowest number of new listings (4,081).
This week also saw the release of the latest Land Registry figures for September which report that house prices were down 0.2% since August (annual growth now at 7.2%) with over 93,350 residential properties in England and Wales lodged for registration.