75% of postcodes see House Price Rise in 2013

20th Jan 2014

House prices in three quarters of postcodes across England and Wales increased during 2013, with London and the south-east recording the strongest gains, according to statistics by property analysts Hometrack.

The huge gains seen in 2013 are predicted to run into 2014, with the strongest inflation set – unsurprisingly – to remain in southern England.

UK house prices grew by an average 4.4% during 2013, as the housing market revival took hold, and the 0.3% drop of 2012 was soon forgotten. Prices continued to increase 0.5% month on month across England and Wales until December, which marked the 11th consecutive month of increases.

Is it Really Grim up North?

While house prices in London and the South East rose by 9.1% and 5.0% respectively, homes in the North of England saw less favourable results, with a 0.5% fall over 2013.

Overall, 15% of postcode areas saw prices creep down, while a further 10% remained the same.

While property-owners in the North may be disheartened by the underwhelming results in their area, it is worth comparing 2013’s results with those from 2012, when just 20% of postcodes saw price increases.

Break-down Month by Month

Looking at things on a month-to-month basis, prices rose in December by 0.1% in the North West and Yorkshire and Humberside, by 0.3% in the South West and West Midlands, and by 0.5% in East Anglia.

The South East saw a 0.7% increase and London prices rose by 1.0%. Unchanged prices were recorded in the North East and the East Midlands.

Buyer Demand

Turning then to buyer demand, Hometrack’s study noted that there had been a 25.0% overall increase in UK house prices – the strongest growth in three years.

Growth in the supply of homes for sale over the year, however, sat at a much lower 6.0%. This is also the lowest level recorded since Hometrack began analysing the market in 2001.

Help to Buy and other Government schemes have of course played a role in the improvement in the market and this is further backed by a general upturn in the economy.

Predictions do suggest the increase is set to continue into 2014, so the fact remains to be seen whether housing supply will rise to meet the demand.

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