It is that time again when Waymark Property takes a monthly look at the Land Registry completion data for residential property for the Vale of the White Horse. We have compared annual month on month figures since the start of the decade to provide you with an insight into completion prices and volumes.
With August typically being prime holiday month, the headline summary is an encouraging number of monthly completions and a slight increased on annualised average completion price.
Looking at August 2017, the average completion price across all property types, namely, Detached, Semi-Detached, Terraced and Flat/Maisonette, is £364,671. Compared to July’s Property Report average price of £367,181, this represents a very slight drop of 0.67%
To get a year on year average price, that encompasses the sessional peaks and troughs throughout the year, we analysed the data for the 12 preceding months before each August. This shows a slight increase of 0.37% from August 2016 to August 2017 and the highest prices since the start of the decade.
Reviewing the average prices by property type, we can see that year on year, for August since 2010, the figures for Detached, Semi-Detached, Terraced and Flats/Maisonettes is £498,013, £341,314, £283,535 and £215,400 respectively. For August 2017, terraced properties are the only ones to have increased in price.
Volume of Completions
In terms of the volume of completions, for August and a year on year monthly comparison, we can see a drop of 30.05%. However, compared to July’s Property Report, we see a 16% increase in last month’s completions.
Further analysis by property type for the last three months shows that Detached property volumes increased slightly on last July, however is still some way down its June figure. It is a similar picture for Semi-Detached properties with Flats/Maisonettes showing a downward trend. Terraced properties have had their highest completion volumes over this three month period.
We have for the majority of 2017, reported that there has been a considerable drop in the number of monthly completions. For August, we are certainly encouraged by seeing 149 residential completions up from last month’s [insert link] total of 129. This is also the third month in a row where although completions are down on the same month last year by 30%, there has been a slowing down of the dramatic drops in completions seen at the start of the year.
Combined with the very slight (0.37%) increase in average completion prices across all property types, gives us renewed confidence that the final quarter of 2017 could be the best three months of the year.