Reflecting on Q1 of 2016, our analysts have been reviewing the state of the property market across the UK, comparing figures* for the same period both year on year and against the previous quarter.
Key Findings:
- The South East is the most expensive region, with a 4-bed house averaging £395,373
- Year on year, the North West has seen the biggest increase in house sales
- Against Q4 of 2015, sales are down 20% and rentals are down 7% on average across the UK
Midlands
Against Q4 2015, prices fell 1% for 1, 2 and 4-bed homes. Compared to the beginning of 2015 though, prices rose 4%, 3% and 4% respectively for those same properties. Sales dropped 18% against Q4 of 2015, but were up 5% on Q1 of 2015.
North East
Prices were down for 1-5 and 7+-bed houses against the previous quarter, but 6-bed homes bucked the trend, increasing by 4%. Year on year, prices were all up except for 7+-beds, with 6-bed homes increasing in value by 14% on average. Sales were down 20% on Q4 of 2015 and static year on year.
North West
Against Q4 of 2015, prices were down for all sized houses bar 7+-beds, with 6-bed property values falling 15%. Year on year, the price of 6 and 7+-bed homes fell by 11% and 19% respectively. Sales were down 17% against Q4 of 2015 but year on year figures were up 11% on average.
Northern Ireland
Against Q4 of 2015, prices for 1-bed properties dropped by 30%, while 6-bed prices increased by 8%. Year on year, the value of 1-beds fell 24% and 7+-beds fell 20%, but the rest of the market saw price increases. Against Q4 of 2015, sales were down 24% on average, while year on year sales were up 3% on average.
Scotland
Against the previous quarter, prices for 7+-bed homes went up 23%, despite dropping by 2% year on year. Sales were down 30% against Q4 of 2015 but up 2% year on year.
South East
Prices stayed fairly stable for 1 to 6-bed homes, while 7+-beds fell by 8% against Q4 of 2015. Year on year, prices went up for 1 to 6-bed houses, while 7+-bed house prices dropped by 2%. Sales fell by 20% against the previous quarter and by 8% against Q1 of 2015.
South West
Against the previous quarter, 5 and 6-bed house prices decreased, 2, 3 and 4-bed prices remained static and 1-bed and 7+-bed prices increased by 1% and 4% respectively. Sales were down 20% on Q4 of 2015, with sales of 3, 4 and 5-bed homes down 21%, 28% and 23% respectively. Year on year, sales of 1, 2 and 7+-bed homes were up 3%, 8% and 7% respectively, while sales of all other sizes fell.
Wales
Prices were down against Q4 of 2015 on all but 4 and 7+-bed homes, which rose by 2% and 27% respectively. Year on year 7+-bed homes fell in value by 17% though, while 1 to 5-bed property prices rose. Against Q4 of 2015 sales of all properties fell by 17% on average but year on year, sales were up 7% on average.
*Data as at 7th March 2016.
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