The Land Registry has published data that confirms that the value of UK housing continues to slide. Land Registry data is based on actual completed transactions and so measures prices slightly behind the Nationwide House Price index, which is based on mortgage approvals. In addition, The Nationwide represents just a sample of UK housing, whilst The Land Registry is a census. Lastly, the Nationwide report used data collected up until the middle of February, whilst the Land Registry's cut-off is 31st January.
Anyhow, according the the report UK house prices fell 15.1% over 12 months, with the average house transaction being £153,753.
At a more current level, I am definitely seeing more "sold" boards in my locality, Kent. Indeed some of these houses have been well above the average as my local postcode has an average transaction value of £450,000. Maybe Kent, and Ashford in particular, is a special case. Compared to the home counties at large, Kent has always represented value for money. Indeed on the basis of drive time and commuting distance from central London, Kent housing represents real value for money.
The environment for Kent house builders is also looking quite positive given the development of its transport links. Last week Ashford International Station saw the reintroduction of its Eurostar Brussels service and an increase in services to Paris. Secondly, and perhaps more importantly, South Eastern Trains have announced the early introduction of the high speed rail service to London St. Pancras. The 36.5 minute service (yes 36.5 minutes) will reduce fstest peak time journey times by 30 minutes. Powered by Japanes Hitachi trains and running on a dedicated high speed line, the new service will mean Ashford is as accessible to the capital as most towns on the M25 belt, whilst it is situated in the lowest densely populated area of the south east. This will make Ashford and the stations connecting to it a magnet for London's highy paid commuters. Prices for homes in the area can only go up - despite the general malaise elsewhere.
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