The monthly e.surv House Price Index reports on transaction numbers and the changes in average house prices across England and Wales. The Index uses the actual price at which every property in England and Wales was transacted, including prices for properties bought with cash, based upon factual Land Registry data as opposed to mortgage-based prices, asking prices or prices based upon samples.
Note: The e.surv House Price Index was formerly the LSL Acadata House Price Index. Content and methodology are unchanged. Please refer to the Notes at the end of the report for more information.
Highlights of the August House Price Index:
- Demand for larger properties continues to push prices up
- Wales had the highest annual regional price rise in July at 2.9%
- Nottingham topped our conurbation league with 10.3% annual growth in July
- Detached properties have caused average prices to rise in outer London suburbs
Commenting on the House Price Index (August 2020), Richard Sexton, director at e.surv, says:
“The sustained rise in house prices over the past two months comes as the industry continues to ramp up activity following the reopening of the housing market in May. Demand has continued to increase, fuelled by an influx of purchases that were previously delayed due to the nationwide lockdown, as potential buyers now look to cash in on the temporary stamp duty holiday.
“House prices have also been affected by the growing trend of working from home. Originally a necessity for some during the height of the pandemic, many large businesses have pledged to continue the option of remote working indefinitely. As employees grow more accustomed to working from home and begin to plan for flexible office locations in the future, the demand for larger homes with private outdoor space is driving up the average purchase price across the UK.
“Furthermore, there has been a rise in workers leaving the city, which has affected house prices throughout the UK. The relocation from central London has led to declining property prices in the area. In contrast, properties in Greater London, and even as far as Wales and the west of England, have risen in price as homeowners no longer place the same emphasis on commute times when deciding location.
“As an industry, we have proved our resilience and adaptability as we continue to collaborate to allow business continuation through these times of extreme difficulty. e.surv has continued to adapt and grow to assist our clients and borrowers, and we will continue to innovate where we can to assist further as the situation develops.”