Property Price Report August 2015

Transcription

1 Property Price Report August 215 Property Price Report - Update at March 215 This report is an update of property prices monitored by Medway Council. To gain an understanding of the wider picture, some Land Registry data is also used for comparisons. The House Price Index is published by Land Registry and captures changes in the value of residential properties using sales data collected on all residential housing transactions, whether for cash or with a mortgage, in England and Wales since January The Index is calculated by using Land Registry's own 'Price Paid Dataset'. A search facility is available at a national level as well as for the various regions, counties and London boroughs. In order to gain a better understanding of the local property market, Medway Council collect detailed information on advertised prices. This is compiled monthly from the property for sale and rent in local papers. Additionally new house prices are monitored quarterly from house builders web sites. This data is helpful to us as it includes locality, number of bedrooms, and property types. The database also enable a more detailed interrogation if required as it also notes parking facilities, age bands and policy protection e.g. Listed Buildings. Annual Analysis from Medway data Prices There are more 3 - bedroom properties advertised for sale in Medway than 1, 2 or 4 bedroom housing. The graph below shows the average advertised price for a 3 bed terraced house for each year from 21/11. The graph shows that prices have risen to 5 year high of 187,578. Chart 1. Average price of 3 bedroom terraced properties Average price of 3 bed terraced houses Price April 1 - March 11 April 11 - March 12 April 12 - March 13 April 13 - March 14 April 14 - March 15 Population 214 July 215

2 Locality There are a number of localities within the urban area, which can be further subdivided into neighbourhoods; these as well as the villages have been monitored to identify trends in average property prices. Localities with less than 1 properties have been flagged, as the average price of fewer properties may not reflect the true value. Both ends of the market are considered below: - 1 bedroom flats/maisonettes including studio flats and 4 or more bedroom detached houses/bungalows. Table 1. 1 bed flats, price range by locality 214/15 Location Price Chatham 16,227 Chatham Maritime 139,8 Gillingham 138,345 Rainham 118,75* Rochester 139,944* Strood 116,875* *based on the average of less than 1 flats/maisonettes As can be seen from Table 1 the average price of a small flat can vary greatly within Medway, illustrating that location is an important factor influencing property prices. Table 2. 4 bed detached, price range by locality 214/15 Location Price Chatham 422,5 Halling 46,797 Hempstead 425,536 Lordswood 439,611 Rainham 378,75 Rochester 425,729 Strood 375,76 Walderslade 368,839 Wigmore 343,5 Size, Type and Style Out of a total 1122 properties monitored during the year 1 st April st March 215, almost 18% (2 sales) were 3 bedroom-terraced properties. All flats/maisonettes represented almost 18% of advertised properties. Table bed terraced and all flats/maisonettes as percentage of advertised stock 3 bed terraced dwellings All flats maisonettes 21/11 21% 17% 211/12 22% 19% 212/13 18% 17% 213/14 18% 16% 214/15 18% 18% It is worth noting that the percentage of property sales (chart 3) varies from the housing stock at 211 census (chart 2). Chart 2 shows the split in the type of accommodation in Medway at 211 census. Property Type % Detached 14 Semi-detached 3 Terraced 4 Flats/Maisonettes 15 Other 1 Flats/Maison ettes 15% Terraced 4% 211 Census - House Types Other 1% Detached 14% Semi detached 3% Comparing the 21 and 211 census data, the percentage of detached and semi-detached properties remain the same. There has been a slight shift with an increase of 2% in the quantity of flats and a fall in the amount of terraced properties.

3 Chart 3. Type of property Property Type % Detached 29 Semi-detached 21 Terraced 32 Flats/Maisonettes Terraced properties account for the highest proportion of sales at 32% Chart 4. Number of bedrooms No of bedrooms % 1 bed 6 2 bed 25 3 bed bed Flat/maisonette Terrace Semi-detached Detached 1 bed 2 bed 3 bed 4 bed 3 bedroom properties remain at almost 41% of those advertised for sale during the year. New Housing For some new housing developments, house builders have used incentives to sell properties, during the last year incentives have included: - Shared Ownership Part exchange Help to buy Government Scheme Residents Gym Residents Wi-Fi lounge No agents fees Some of the larger house builders developing in Medway throughout the year have included: - Countryside Properties Berkeley Homes Crest Nicholson Charles Church Bellway Redrow Taylor Wimpey Golding Homes Table 4 shows the amount of new housing built in Medway since 211/12. The total number of units completed during the 4-year period is 2436, giving an average of 69 dwellings per annum. Table 4. New build rates Completed Units Total 2436 Rural Issues Comparing prices between the rural and urban areas is difficult, as the numbers of advertised properties between the two vary significantly. For the period 1 st April st March 215 9% of advertised properties for rent had a rural address, slightly more (13%) were for sale. Hoo had the highest number of rural dwellings for sale (24%) and to rent Cliffe (38%) New rural housing developments have been at Cliffe, Hoo and Halling.

4 Rented Accommodation The table below shows the number of advertised properties to rent each year. Table 5. Amount of property advertised to rent Table 6 shows the range of prices paid for the monthly rental of 1-bed studio/flats/maisonettes and 3 bed terraced houses by locality in the period April 14 March 15. As with previous years, it would appear that Rochester is generally one of the most expensive places in which to rent these types of property. April 21 March 211 April 211 March 212 April 212 March 213 April 213 March 214 April 214 March 215 Number of Properties Table 6. Rental by locality and type Average rent for a 1 bed flat Chatham Gillingham Rainham 553* 84* Rochester * Strood 531* 793* *based on the average of less than 1 properties Average rent for a 3 bed terrace Chart 5. Rented accommodation by number of bedrooms No of bedrooms % 1 bed 27 2 bed 29 3 bed bed 16 Chart 6. Type of rented accommodation Property Type % Detached 13 Semi-detached 6 Terraced 42 Flats/Maisonettes bed 2 bed 3 bed 4 bed Flats or maisonettes Terraced Semidetached Detached There are fewer larger properties to rent. The private rented sector consists of mainly flats and terraced housing which account for 81% of advertised properties. Table 7. Comparison of rent paid Average Price 1 bedroom 2 bedroom 3 bedroom 4 plus bedrooms April 1-March April 11-March April 12-March April 13-March April 14-March The table above shows that the average cost of renting is continuing to rise.

5 Land Registry and Medway Data Quarterly Data It is difficult to make a direct comparison between Land Registry and Medway statistics because information from Land Registry is based on average sales data. This differs from the information collected by Medway Council in that advertised prices do not always reflect the prices paid for properties. There are also months where Medway collects new house price information, which can also push up the average advertised prices. Land Registry figures reflect market prices of some months previously and are as a result of negotiations. Land Registry data is available monthly. The months of March, June, September and December have been used to compare prices in each area. The table above shows the average prices in each month. The overall picture shows a rising market. Table 8. Comparison of prices for Land Registry and Medway Council data Council Data Land Registry Data Medway Council Medway Kent South East Eng & Wales Flats/Maisonettes 214 June 175,9 17, 115, , , September 21, , , ,458 17, December 178, , ,12 148,33 17, March 179, , ,857 15, ,647 Terraced 214 June 187, , , ,242 13, September 181, , ,93 184, , December 25,46 137,43 163, , ,6 215March 199,89 139,12 164,89 19, ,911 Semi-detached 214 June 248,24 179, , ,49 163, September 262, ,894 25, , , December 238, , ,79 237,88 167, March 253,73 195,51 212, , ,194 Detached 214 June 341,688 3,316 34, ,587 27, September 348, , , , , December 357, ,64 362, ,2 278, March 354,31 326, , , ,95 Source: Crown copyright Land Registry Property Prices 18 th May 215 and Medway Council s own data.

6 Land Registry Data Local and National Statistics Table 9 shows the percentage change in average prices of all properties since 212 The numbers of sales transactions have increased in Medway from 329 in March 214 to 365 in March 215 (+ 11%). Table 9. Average house price change March 12 March 13 % Difference Medway 134, , Kent 179,55 18, South East 26,918 29, England & Wales 16,372 16, March 13 March 14 % Difference Medway 136, , Kent 18, , South East 29, , England & Wales 16, , March 14 March 15 % Difference Medway 145, , Kent 191,295 28, South East 221, , England & Wales 169, , Source: Crown Copyright Land Registry Property Price data 18 th May 215 For a third year running prices have been rising. Although Medway has shown the strongest percentage growth, average house prices in Medway are still considerably less than in Kent generally and nationally. For further information or similar enquiries contact: Planning Policy Housing and Regeneration Medway Council Civic Headquarters Gun Wharf Dock Road Chatham, Kent ME4 4TR Telephone: planning.policy@medway.gov.uk