14-05-2013

Bank Lending Rate

Mortgage Lending by the Major UK Lenders
According to Trends in Lending April 2013, the latest quarterly publication from the Bank of England, comprising major UK lenders Banco Santander, Barclays, HSBC, Lloyds Banking Group, Nationwide and Royal Bank of Scotland, the number of mortgage approvals for house purchase was 55,300 in December 2012, 54,200 in January 2013 and 51,700 in February 2013. Remortgaging loans numbered 27,900 in December, 25,800 in January and 26,800 in February.

ONS House Price Index figures.
Figures for the year to date, published by the Office for National Statistics on 16th April 2013, show that house prices increased by 1.9% over the year, to an average of £233k.
The average house price in England in February 2013 was £242k, £160k in Wales, £125k in Northern Ireland and £177k in Scotland.
Over the year to February 2013, England’s rise was 2.1% and Wales’ was 4.1%. Scotland’s fell by 1.2% but Northern Ireland’s figure fell by 7.7% over the year. (House prices in Northern Ireland have fallen every year for 5 years.)
Splitting England into regions, London’s prices rose over the year by 5.9%, followed by the North East which rose by 2.4%. Prices in the North West were largely unchanged – a drop of 0.1%.
First-time buyers’s average house price paid in February was £173k. Over the year, this is an increase of 1.6%. Existing owners paid an average of £269k in February, an increase of 2.1% over the year.

Land Registry’s Property Prices in England and Wales
The Average price of a property in England and Wales is now £161,793 as at the end of March 2013, according to the report published on 29th April 2013.
The Monthly change in March in England and Wales was a 0.1% rise.
The Annual change to March in England and Wales was a rise of 0.9%.

Halifax House Price Index figures.
The average price of a house by the end of March 2013 was £163,943, according to the Halifax House Price Index published 5th April 2013. House prices in March were 0.2% higher than in February, and the quarterly figure was up by 1.2%. The seasonally adjusted figures show that house prices are 1.1% higher than at this time last year, measured by the average for the latest quarter against the same period a year earlier.

Nationwide House Price Index figures
Nationwide House Price Index figures published on 1st May 2013 showed that the average cost of a home in the UK was £165,586 during the month of April. After seasonal adjustment, this is a slight change from March (a drop of 0.1%), but the annual rate is a 0.9% rise.

Rightmove House Price Index figures
Rightmove’s April survey (published 15th April 2013) shows the asking price of a typical UK property in the period from 10th March to 6th April 2013 was £244,706, an increase of 2.1% on the previous month. House asking prices are 0.4% higher than a year ago.

Acadametrics House Price Index figures
LSL Property Services/Acadametrics’ March figures, published 12th April 2013, show that the average house price in England and Wales was £230,078 in March. This is only a 0.2% increase from February, but a 3.0% rise since last March.

RICS Survey Overview
The RICS Housing Market Survey for March 2013 (published 9th April 2013) says that there is a “Stable price structure at national level”, and that “Transaction levels have increased”.
The North saw the largest fall in house prices in the month. Only London, the South East and the East Midlands saw prices rising.
The North West had the highest level of agreed sales, whereas East Anglia and the West Midlands saw a drop in agreed sales.
The highest levels of new vendor instructions were in Wales and the North West, and the lowest (by a large amount) was in East Midlands.