http://money.guardian.co.uk/houseprices/story/0,1456,1408099,00.html
Hot spots lighten house price gloom
Rupert Jones
Tuesday February 8, 2005
The Guardian
Average house prices in six London boroughs have fallen by more than £30,000 in the space of a few months, according to government figures published today.
The data provides official confirmation that the slowdown in the housing market has hit some areas hard.
It is not just the capital that suffered, with locations ranging from Hartlepool to Herefordshire seeing substantial price falls after last summer, according to the latest figures issued by the Land Registry.
But other locations, such as Blaenau Gwent and the London borough of Camden, have seen prices continue to surge upwards.
The Land Registry's latest property price report reveals that the average price of a home in England and Wales slipped back 2.7% between the third and fourth quarters of last year - from £187,971 to £182,920.
The capital is the region that tends to lead the way in house price movements, and a typical greater London home lost more than £10,000 from its value over the same period, a fall of 3.7%.
But the detailed figures illustrate how unrepresentative such headline averages can be, as they disguise wide regional variations.
The new report, which covers the period from October 1 to December 31, reveals that a number of the more expensive London boroughs bore the brunt of the slowdown.
At the top of the list of fallers was the City of London, which includes the Barbican, where an average home fell in value by £41,000.
A typical property in the borough (most are flats) ended the year worth £291,419. In the period from July 1 to September 30, the average price was £332,592.
The other London boroughs where prices fell by more than £30,000 are:
· Merton, where the average home fell in value by 10.7%, or £33,100, from £307,703 to £274,546;
· Wandsworth, where the average price fell 8.8% from £353,579 to £322,594;
· Hammersmith and Fulham, where homeowners have seen prices drop by 7.6%, from £405,173 to £374,113;
· Westminster, where homeowners have seen prices drop by 6.3%, from £525,314 to £492,887;
· Former star performer Kensington and Chelsea, where the average price fell 4.7%, from £752,524 to £717,174.
Other boroughs, including Barnet, Ealing and Richmond upon Thames, experienced smaller falls, but 10 bucked the downward trend and notched up price growth.
Leading the way were Camden and Islington, where £23,000 and £16,000 respectively were added to average property values between the third and fourth quarters of last year.
Away from London, counties and unitary authorities that saw above average price falls during the second half of last year included Hartlepool (down 9.5%), Herefordshire (down 8.1%), Bracknell Forest (down 6.7%), Bucking hamshire (down 5.6%), Surrey (down 4.5%), and Bath and north-east Somerset (down 4.4%).
By contrast, a number of areas saw prices leap way ahead, with Wales making a strong showing.
The cost of a typical property in Blaenau Gwent surged almost 24%, jumping from £67,605 to £83,688. Average prices in Merthyr Tydfil rose 15%.
The survey also revealed that a total of 765 properties costing more than £1m were sold across England and Wales during the period - five more than were sold in the same period in 2003.
The Land Registry figures are regarded as providing the most accurate picture of the housing market because they are based on the vast majority of all property sales, but some critics claim they are in effect out of date by the time they appear.
Hot spots lighten house price gloom
Rupert Jones
Tuesday February 8, 2005
The Guardian
Average house prices in six London boroughs have fallen by more than £30,000 in the space of a few months, according to government figures published today.
The data provides official confirmation that the slowdown in the housing market has hit some areas hard.
It is not just the capital that suffered, with locations ranging from Hartlepool to Herefordshire seeing substantial price falls after last summer, according to the latest figures issued by the Land Registry.
But other locations, such as Blaenau Gwent and the London borough of Camden, have seen prices continue to surge upwards.
The Land Registry's latest property price report reveals that the average price of a home in England and Wales slipped back 2.7% between the third and fourth quarters of last year - from £187,971 to £182,920.
The capital is the region that tends to lead the way in house price movements, and a typical greater London home lost more than £10,000 from its value over the same period, a fall of 3.7%.
But the detailed figures illustrate how unrepresentative such headline averages can be, as they disguise wide regional variations.
The new report, which covers the period from October 1 to December 31, reveals that a number of the more expensive London boroughs bore the brunt of the slowdown.
At the top of the list of fallers was the City of London, which includes the Barbican, where an average home fell in value by £41,000.
A typical property in the borough (most are flats) ended the year worth £291,419. In the period from July 1 to September 30, the average price was £332,592.
The other London boroughs where prices fell by more than £30,000 are:
· Merton, where the average home fell in value by 10.7%, or £33,100, from £307,703 to £274,546;
· Wandsworth, where the average price fell 8.8% from £353,579 to £322,594;
· Hammersmith and Fulham, where homeowners have seen prices drop by 7.6%, from £405,173 to £374,113;
· Westminster, where homeowners have seen prices drop by 6.3%, from £525,314 to £492,887;
· Former star performer Kensington and Chelsea, where the average price fell 4.7%, from £752,524 to £717,174.
Other boroughs, including Barnet, Ealing and Richmond upon Thames, experienced smaller falls, but 10 bucked the downward trend and notched up price growth.
Leading the way were Camden and Islington, where £23,000 and £16,000 respectively were added to average property values between the third and fourth quarters of last year.
Away from London, counties and unitary authorities that saw above average price falls during the second half of last year included Hartlepool (down 9.5%), Herefordshire (down 8.1%), Bracknell Forest (down 6.7%), Bucking hamshire (down 5.6%), Surrey (down 4.5%), and Bath and north-east Somerset (down 4.4%).
By contrast, a number of areas saw prices leap way ahead, with Wales making a strong showing.
The cost of a typical property in Blaenau Gwent surged almost 24%, jumping from £67,605 to £83,688. Average prices in Merthyr Tydfil rose 15%.
The survey also revealed that a total of 765 properties costing more than £1m were sold across England and Wales during the period - five more than were sold in the same period in 2003.
The Land Registry figures are regarded as providing the most accurate picture of the housing market because they are based on the vast majority of all property sales, but some critics claim they are in effect out of date by the time they appear.
