January 2017 - Completions Down and Average Price Up

We’ve just got the first complete month's worth of data for 2017 so it’s time for Waymark to digest and interpret the figures with a month on year comparison from January 2017 right back to January 2010.  It’s fair to say it’s a bit of a mixed bag!

What is interesting is the change in average prices across the four property types of:

1. Detached.

2. Semi-Detached.

3. Terraces.

4. Flats/Maisonettes.

The total overall average completion price was £397,165 for January 2017 compared to £347,963 in December 2016.  This shows a healthy jump of 12.38% or £49,202.  A continued area for concern is the relatively low number of completions compared to December, 82 and 41 respectively.

The numbers become more dramatic with a year on year comparison of January 2017 and January 2016 which shows a 292.68% drop in completions but an 11.39% increase in prices.  In fact there were more than double the amount of completion in January 2010 versus January 2017 (41 and 87 respectively).

If we look at the average price by property type, we start to see which ones are having the most effect on the overall figure:

Unlike in our December price's blog what we’re seeing here is a narrowing in the gap between detached and semi-detached property.  Which is then widening the gap between semi-detached and terraced property.  Out of all the property types, flats/maisonettes are the only ones that have dropped in price (-6.9%) but over the last seven years had the second highest percentage increase with 29.03%.  Top over the last seven years were semi-detached properties, showing a 38.44% increase, detached properties increased 26.09% and terrace property only 14.6%.

It looks like January 2017 has made up for the price losses seen in December 2016 although the number of completions is the lowest in seven years.