Property News

Wednesday, January 31, 2007

Neath Port Talbot a property hotspot

House prices in Neath Port Talbot have just about risen more than almost anywhere else in Britain over the past year, new figures from the Land Registry show.

The price rises in the area outstripped, Islington, Richmond upon Thames and Brighton. Only Fulham and Hammersmith (15.1%) Kensington and Chelsea (15%), the City of Westminster (14.5%) and Lambeth (14%) beat Neath Port Talbot, where house prices grew by 13.1% from November 2005 to November 2006.

However, the Land Registry figures are based on actual sales rather than estimates, the average house in Neath Port Talbot now costs £101,360 - while the average London house is three times as much, at £304,192.

In terms of Welsh sales, Torfaen came second to Neath Port Talbot with 11.6% growth and an average house price of £126,190, while Rhondda Cynon Taf came third with 9.4% growth and an average price of £88,607.

Tuesday, January 30, 2007

House prices slow slightly in Jan

According to Nationwide building society, house prices rose at their slowest pace for eight months in January, indicating higher borrowing costs may be starting to dampen the housing market.

Prices rose 0.3% this month, slipping from December's 1.2% increase and registering the smallest gain since May last year. Prices rose 9.3% on a year ago, down from a 10.5% increase in December.

Natiowide's chief economist Fionnuala Earley said today, "It is likely that we will now begin to see a weakening in demand as a result of stretched affordability and rising interest rates."

Thursday, January 25, 2007

Aberdeen house prices soar

According to the latest quarterly house price index from the Bank of Scotland, soaring house prices in Aberdeen are narrowing the gap between the average cost of buying a home in Scotland and south of the Border.

The cost of purchasing a home in Scotland rose by an average of 12.5% last year, compared with a UK-wide average of only 9.9%. Greater London prices are now 2.3 times higher than those north of the Border, compared with three times more expensive three years ago. The average price of a house in Scotland is £126,639 - 32% less than the UK average of £186,954.

Aberdeen, which is enjoying a renewed surge in house prices on the back of a booming oil industry, recorded the largest single increase in average prices - 27% - during 2006.
The average price of a Granite City property is now £171,767 - nearly £45,000 above the Scottish average and 139% more than the average £71,916 cost of buying a home in Aberdeen ten years ago.

Wednesday, January 24, 2007

House prices up 4.2%

According to the latest Halifax House Price Index, house prices have risen by 4.2% during the last three months of 2006.

The report found that average house prices rose to £186,954 in the fourth quarter, pushing the annual rate of inflation up to 9.9%.

Northern Ireland recorded the biggest rise between October and December, with prices up 15.9% to £196,874.

Greater London remains the most expensive part of the UK to live, with average house prices pushed up to £287,176 following an increase of 6.6%. The smallest regional increase during the fourth quarter was recorded in the North, with an increase of just 0.9%.

Wednesday, January 17, 2007

Record house sales for Edinburgh

House sales have hit record levels in Edinburgh in recent months and has sent prices soaring by 20% in some areas.

More properties were sold in Edinburgh in the final quarter of last year than during any other year-end in the past 36 years, according to Edinburgh Solicitors Property Centre. The surge in demand saw property prices across the city rise more than 10% compared to last year.

The biggest increase in demand has been for one-bedroom flats in the Leith Walk and Gorgie/Dalry areas, as first-time buyers increasingly struggle to afford two-bedroom properties. The other most sought-after properties have been large family homes outside the city centre.

Tuesday, January 16, 2007

Mortgage lenders pull fixed-rate mortgages

A series of lenders have pulled their fixed-rate mortgages off the market in the wake of the Bank of England's decision to increase interest rates last month.

In the recent past banks and building societies have had time to prepare for any increase in interest rates, with the Bank's interest rate setting Monetary Policy Committee (MPC) normally signalling its intentions well in advance. But this month's decision caught the market unprepared.

"The shock announcement of last week’s base rate increase may have taken lenders by surprise, with most industry experts expecting the rise to occur in February or March," said Julia Harris, of

Monday, January 15, 2007

Average home gets closer to 200k

According to the Department for Communities and Local Government, house prices in the UK accelerated towards the end of last year.

It says average prices were rising by 8.9% a year in November, up from 8.6% in October, a finding in line with other recent surveys.

The increase took the average property price in the UK to £199,467.

House prices have been rising fastest in Northern Ireland where they went up by 36.6% in the 12 months to November.

Friday, January 12, 2007

January Interest Rate Rise

The Bank of England raised rates to 5.25% on Thursday, making it a miserable start to the new year for many home owners.

The Bank's Monetary Policy Committee said the move was necessary to control rising inflation and bring it back towards its 2% target. Soaring house prices have meant that many first time buyers are simply priced out the market, but will increasing interest rates help them if they are having to pay more per month on mortgage repayments.