Property Prices Rise in London, but Do Less Well in Rest of UK reports Camden Town

(EstateNewsWire.com, November 25, 2012 ) London, U.K -- Monthly data on housing prices show London continues to advance much more strongly than the rest the UK, with property prices still falling in some areas. Although housing markets in November remained patchy outside the nation’s capital, an analyst for Rightmove, the UK’s largest property website, noted signs a housing recovery could be in the cards for early next year.

According to a Rightmove survey, nationwide property prices this November have risen 2% over prices a year ago. That marks the highest annual increase for the month since 2007. The website noted while the national home price figure marks a small overall gain, it also means nationwide home prices gains mainly reflect a housing market far stronger in London than in the rest of the nation. If London housing prices are removed, UK housing prices gained only 0.2% over the past year.

In fact, housing prices fell in November for many sections of the country. In the North West, prices plummeted 5.7% in November from the previous month, and were down 0.5% on a year-to-year basis. In the South East, November prices fell 4.5% from October and declined 3.4% from a year earlier. North East prices dropped 4.2% from October, but gained 1.3% over the previous year.

Other areas which saw November housing prices drop below October levels include the South West (down 3.8%), the West Midlands (off 3.7%), the East Midlands (dropping 3.1%), Wales (also down 1.2%), and East Anglia (off 2%).

For the year, housing prices gained in East Anglia (gaining 6.5%), the South West (rising 2.9%), the North East (up 1.3%) and the East Midlands (edging up 0.1%). Year-to-year prices fell in Wales (off 1.2%) and the West Midlands (dropping 0.3%).

Miles Shipside, director and housing market analyst at Rightmove, points to encouraging signs suggesting a housing recovery early next year. One is the website, which lists over a million residential and commercial properties for sale or rental, in November saw searches climb by 20% over the same period last year. Similarly, email inquiries to developers and estate agents rose by 11% over a year ago.

Another positive indicator was a climb in mortgage approvals over the previous quarter. Bank of England figures say they climbed 9.2%. Housing prices are also likely to be buoyed by shrinking inventory of moderately-priced housing attractive to first-time home-buyers and buyers for investment, meaning those homes priced at £150,000 and below. Those offerings in November were down by 5% from last year.

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