The monthly e.surv House Price Index reports on transaction numbers and the changes in average house prices across England and Wales. The Index uses the actual price at which every property in England and Wales was transacted, including prices for properties bought with cash, based upon factual Land Registry data as opposed to mortgage-based prices, asking prices or prices based upon samples.
Note: The e.surv House Price Index was formerly the LSL Acadata House Price Index. Content and methodology are unchanged. Please refer to the Notes at the end of the report for more information.
Highlights of the September House Price Index:
- Stamp duty holiday keeps the market active
- London once again heads up regional price growth at 7.6%
- Nottingham topped our conurbation league with 10.7% annual growth in August
- Prices at record levels in 19 unitary authority areas
Commenting on the House Price Index (September 2020), Richard Sexton, director at e.surv, says:
“Three months since it was announced in July, we are seeing the full effects of the Stamp Duty holiday. The temporary pause on the tax has kept activity in the market at a high level, following the release of pent-up demand from earlier in the year. This strong market activity is likely a contributing factor behind the continued house price rises sweeping England and Wales. On average, house prices have risen 3.4% since June, which was the last full month before the introduction of the measure.
“An additional factor driving growth has been the growing popularity of larger properties, as many in the UK come to terms with the prospect that they may continue working from home for a much longer period than was first expected.
“Despite the healthy appearance of the market, there is some cause for concern around access to housing for first time buyers. With lenders becoming more cautious, the higher LTV products which new buyers frequently rely upon to get onto the property ladder have become fewer and further between. The Prime Minister’s recent conference commitment to increase the supply of 95% mortgages to ‘generation rent’ is an interesting proposition but requires more detail before any meaningful analysis of likely impacts can be undertaken.
“As the high volume of market activity continues amid a global pandemic that is far from beaten, e.surv will continue to support the market with adaptable and creative valuation solutions, which prioritise above all the health of our customers, our colleagues and the wider public.”