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With the first quarter of 2016 already behind us, our analysts have been reviewing the state of the property market across the UK, comparing figures for Q1 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.
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*Data as at 7th March 2016.