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Significant drop in December 2016 Completions

Posted on Friday, February 17, 2017

Significant drop in December 2016 Completions

The price paid for residential property in the Vale of the White Horse has just been released by Land Registry for December 2016 so we thought we’d provide a brief overview of the data and do a year on year comparison of prices and volumes.

The data is split by four property types:

  1. Detached

  2. Semi-detached

  3. Terraced

  4. Flat/Maisonette

We can then see the volumes and average price for each property type for the month of December in years 2016 back to 2011.

We start will by reviewing the property types that made up December 2016’s completions:

 

For December 2016, there were only 82 completions with an overall property average price of £347,963.  This compares to 272 and £389,294 in December 2015.  This is a -231% drop in completions and an 11.88% drop in prices

Below, we have two graphs showing the average price and number of transactions for the last six Decembers:

 

To see where the price changes have had most impact, it helps to look at each property type and the price changes over the years.

What we start to see is that the terraced property market is the one dragging down all the other prices as demonstrated below:

What we need to watch for is the widening of the gap from one move to the next.  With terraced property dropping, and flats/maisonettes and semi-detached properties showing a smaller percentage increase than detached property, that upward move becomes harder and more expensive.

Now one month's data taken in isolation is not enough to draw any strong conclusion.  What we plan to do at Waymark is publish the monthly completion data when it becomes available and provide quarterly summaries through the year.



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