We have now got the final two months property transaction data from Land Registry for November and December 2017 and we have looked at the numbers to see what property prices and sales volumes were doing at the end of 2017.
The headlines for November and December 2017 year on year price comparisons are a healthy double digit percentage increase and a continued decrease in the volume of sales.
Looking at November 2017 in isolation, the average price across all property types of Detached, Semi-Detached, Terraced and Flats/Maisonettes is £388,805. This is a 0.02% drop on the previous year, however, it represents a 27.44% (£106,673) increase since the start of the decade.
For the individual property types, it was only Detached homes that dropped in price from a previous year average of £555,937 to £533,624 (4.18%) with Terraced properties having the largest percentage increase of 13.62% (£277, 562 to £321,343).
For December 2017, the figures support the idea of an end of year flurry in completions with a year on year price increase of 11.32% across all properties (£362,412 to £408,66).
Unlike the previous month, Detached properties in December 2017 had an increase of 14.75%, along with Semi-Detached homes increasing 3.97%, Terraced properties increasing 0.09% and this time, Flat/Maisonettes having a drop of 13.91%.
November Completion Volumes
The continued theme of a decrease in property transactions is demonstrated by a drop of 51.06% year on year across all property types.
Detached properties had the biggest drop in sales numbers year on year with a 70.83% decline.
December Completion Volumes
A year on year comparison for December shows a drop of 49.83% (293 to 147) across all property types, although this was a 0.65% increase on November’s number.
Looking at the sales volumes by property type year on year, the largest drop was in Terraced property transactions which dropped 148.28% (72 to 29).
Desperately trying not to sound like a cracked record, however, the end of 2017 confirmed two key points:
The stabilising of property prices.
The decline in property transactions.
We will produce a more detailed summary of the whole of 2017 and publish our finding in the next couple of weeks. As a bit of a “teaser”, for the Vale of The White Horse, the total number of completions for 2017 was 2,472 with a total value of £1,042,378,568!