Housepresso 27 March 22

Published 27th of March, 2022

House prices up, but only just...

The average house price in the UK is £273,762, average prices have increased by 9.6% or (£24,072) over the last year, but only increased by 0.35% or (£967) last month. We note that these figures are provisional and subject to change, but it seemed that in January after a hectic 2021 the UK housing market paused for breath. Has the house price party finally come to an end? Will 2022 be a subdued year for house prices? House prices may have beaten COVID-19, but it seems in the face of the cost of living rises they have met their match

But housing transactions continue to rise

Once again, housing transactions continue to rise, the fourth monthly rise in a row. The spring selling season has had a strong start and although house price rises appear to be being tempered by rising mortgage rates and rising living costs, they seem to be doing little to dampen buyers' enthusiasm to get on or move up the housing ladder.

The hottest 25 housing markets in the UK right now

We often talk about 'the UK housing market' and 'UK house price inflation' as if there is one housing market and one rate of house price inflation. Neither is true.

The UK is made up of hundreds if not thousands of tiny housing markets, which operate independently of each other. One person buying a home in Swindon does not move the housing market in Stockwell.

Biggest house price increases last month

The biggest house price winner last month was the London borough of Hackney where house prices increased by 8.0% or £47,836.

In second place came Eden where house prices increased by 7.6% and in third place with house prices rising by 7.5% was Uttlesford.

Interesting to see that three different regions make up the top three.

The coldest 25 UK housing markets right now

The London borough of Camden saw the biggest housing affordability gains (or house price falls) last month as prices fell by 10.1% (£95,638) from £947,791 to £852,153.

Camden was followed by West Devon, which includes the boroughs of Chagford, Okehampton, and Tavistock; where average prices fell by 7.5% from £318,360 to £294,496.

Making up the podium was Tandridge in East Sussex, which includes Caterham, Godstone, Lingfield and Oxted, where house prices fell on average by 4.6% from £511,198 to £487,631

Click 'read more' to see the full 25 coldest housing markets

Twindig Housing Market Index

The Twindig Housing Market Index fell by 0.8% this week from 79.1 to 78.5 and it probably would have gone up if it hadn't been for that meddling Secretary of State...

Michael Gove's comments this week about the UK having a cartel of volume housebuilders, spooked investor confidence this week. The Twindig Housing Market Index may only have fallen by 0.8% overall, but if we dig into the data we can see that investor confidence fell in housebuilders by 6.5% during the week that Mr Gove made 'cartel' the collective noun for housebuilders.

Housing Hailey

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