UK House Prices Situation: Little real change - some small fluctuations

UK House Prices Forecast: Gradual falls nationally this year

Land Registry Figures Show Small Rise In January…

The Land Registry has just published its most recent House Price Index, covering the month of January. The figures showed a 0.9% monthly rise nationally, although the annual rate of growth declined for the fifth consecutive month, from 6.7% in December to 6.4% in January.

The Land Registry's figures are widely considered to be the most accurate and reliable indicator of house price trends because they are based on all completed sale prices. Most other indices use either asking prices, which typically change before a sale completes, or only include sales requiring mortgages - excluding cash sales. The downside of the Land Registry's approach is that data typically lags the other house price indices, since it relies on completed sales.

Here are the regional figures for completed sales in January (annual changes in brackets):

• North West: 2.0% (5.8%)
• London: 1.5% (13.1%)
• East Midlands: 1.5% (3.4%)
• West Midlands: 1.3% (3.9%)
• South East: 1.1% (7.8%)
• South West: 1.0% (5.4%)
• North East: 0.9% (5.4%)
• Yorkshire & The Humber: 0.9% (4.3%)
• East Anglia: 0.2% (5.7%)
• Wales: -0.3% (1.3%)

Wales seems to have come off worse - experiencing the lowest rate of annual growth and a small fall in average prices during January.

…But Hometrack Figures Report Slowdown in February

House price website Hometrack carries out a monthly survey of estate agents, which it uses to produce monthly figures on house price changes.

The Hometrack survey for February found that on average, house prices were down by 0.2% in February, with annual growth falling to 1.4% - the lowest level for nearly two years.

On the positive side, estate agents reported significant increases in new buyer registrations - possibly a sign that activity might pick up over the traditional spring buying season.

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