Market snapshot – November 2012

Annual house price inflation is 1.7% – down from 3% Sept 2011

The average house price across the UK is £233,000 says ONS – it was £217,000 in Sept 2011.

The average asking price rose 3.5% last month to £243,168 says Rightmove – it was £239,672 Sept 2011

The number of homes sold in UK last month was 77k says HMRC – it was 68k in Sept 2011

The average price paid by a First-Time Buyer was £172,000 – it was £162,000 Sept 2011

Assuming the current rate at which homes are selling, that new homes are coming to the market and that current stock is being withdrawn I calculate that the number of months of unsold inventory is now 11 – it was 12 months in Sept 2011.

In lettings news average uk rentals were 2.9% higher in September than a year ago and Q3 rents in Greater London were 6.3% higher than the same quarter last year says Homelet.

Average prices in England & Wales still 7% below the level in January 2007. They are 14.2% in Wales and 16.5% below in the North East – says Land Registry.