UK House Price Index for March 2025

The UK House Price Index for March 2025 has been published today.

The annual price rise of 6.7% has taken the average property value to £296,000.

The North East recorded the most significant monthly increase, with prices rising by 4.2%. London saw the largest monthly price fall, with a decline of 0.3%.

Looking at annual changes, the North East experienced the strongest growth, with prices increasing by 14.3%, while London recorded the lowest annual price growth at 0.8%.

For more information click here.

If you need further information or legal advice, including conveyancing services in England, please contact our dedicated UKRE team: Anna Douglass, Alastair Hargreaves, Caren Vidamour, and Hannah Damant, who will be delighted to assist.

The Land Registry has published today the UK House Price Index for February 2025 (UK HPI), revealing the latest trends in the property market. House prices across the UK have remained steady since January. Despite this stability, there has been a notable annual price increase of 5.4%, bringing the average property value to £268,000.

In England, house prices saw a modest monthly rise of 0.3%, with an annual increase of 5.3%, resulting in an average property value of £292,000. Yorkshire and the Humber experienced the most significant monthly growth, with a rise of 1.6%, while London recorded the sharpest decline, with prices dropping by 1.1% compared to January.

Looking at annual trends, the North West led the way with an impressive 8% increase, whereas London saw the lowest annual price growth, rising by only 1.7%.

What does this mean for buyers and sellers? The property market remains dynamic, with regional variations shaping opportunities and challenges. Stay tuned for further updates as the market continues to evolve.

For further details click here.

If you need further information or legal advice, including conveyancing services in England, please contact our dedicated UKRE team: Anna Douglass, Alastair Hargreaves, Caren Vidamour, and Hannah Damant, who will be delighted to assist.

The Land Registry has published the UK House Price Index for January 2025 (UK HPI).

The January data shows that, on average, house prices have risen by 0.2% since December 2024. There has been an annual price rise of 4.9%, making the average property in the UK valued at £269,000.

In England, the January data indicates that average house prices rose by 0.2% since December 2024. The annual price rise of 4.8% takes the average property value to £291,000.

The regional data for England reveals that London experienced the most significant monthly increase with a movement of 2.3%. Conversely, Yorkshire and the Humber saw the greatest monthly price fall, with a decrease of -0.6%. The North East experienced the greatest annual price rise, up by 9.1%, while London saw the lowest annual price growth, with a rise of 2.3%.

These figures highlight the dynamic nature of the housing market, with regional variations playing a significant role in overall trends. As we move forward, it will be interesting to see how these patterns evolve and what factors will influence future changes in property values.

For more details, please visit the official report here.

If you need further information or legal advice, including conveyancing services in England, please contact our dedicated UKRE team: Anna Douglass, Alastair Hargreaves, Caren Vidamour, and Hannah Damant, who will be delighted to assist.

The Law Society of England and Wales has unveiled a new two-form approach to the TA6 property information form following an extensive consultation process.

This change aims to streamline the English conveyancing process and address the complexities faced by conveyancers and their clients.

Key Changes:

6th Edition TA6 Property Form:

1. Mandatory for Conveyancing Quality Scheme (CQS) members starting March 2026.
2. Designed for use when an offer has been accepted.
3. Provides buyers with comprehensive information about the property before they commit to purchasing.
4. An improved version of the 4th edition.

Material Information Form:

1. Optional for CQS members.
2. Intended for use by conveyancers who accept instructions from sellers before listing the property.
3. Helps sellers gather essential information recommended for estate agents to market the property.

Implementation & Support from the Law Society:

1. User Testing: This will be conducted with conveyancers, sellers, and buyers to ensure the forms are fit for purpose.
2. Extended Implementation Period: Begins in October 2025, with compulsory adoption in March 2026.
3. Training and Information: This will be provided for conveyancers and their clients.
4. Consultation on Protocol Amendments: There are ongoing discussions with members on proposed changes to the National Conveyancing Protocol.

The Law Society acknowledges the challenges faced by its members, especially with the looming stamp duty tax deadline, and assures that there will be no overnight changes to the existing forms. The new forms aim to simplify the conveyancing process and provide clarity for all parties involved.

Stay tuned for further updates and detailed guidance from the Law Society and from our UKRE Team as the implementation date approaches.

If you need further information or legal advice, including conveyancing services in England, please contact our dedicatedUKRE team: Anna Douglass, Alastair Hargreaves, Caren Vidamour, and Hannah Damant, who will be delighted to assist.

The UK government is set to ban new leasehold flats in England and Wales, aiming to overhaul home ownership.

The current leasehold system, where freeholders own buildings and leaseholders buy the right to occupy flats, is intended to be replaced by commonhold, giving homeowners ownership and control over their buildings.

While freeholders argue that leasehold is effective for managing large complexes, the government is committed to making it easier to convert existing leaseholds to commonhold.

A white paper has announced the ban on new leasehold flats and the introduction of a new legal framework for commonhold, with a draft bill expected later this year.

Building management companies attribute the rising costs to legitimate expenses like energy prices and inflation, but many leaseholders feel these costs are unfair and constantly rising.

Currently, freeholders appoint managing agents, but under commonhold, residents would have more control over payments and maintenance decisions.

Leasehold vs. Commonhold:

• Leasehold: Property reverts to the freeholder after a fixed period.
• Commonhold: Property is owned outright, like a freehold house.
• Commonhold Benefits: Homeowners control the annual budget, hire/fire managing agents, and face no ground rent or forfeiture threats.

Reactions:

The National Leasehold Campaign (NLC) is delighted with the announcement, calling it a significant step forward.

NLC founder Katie Kendrick emphasised the importance of addressing the needs of current leaseholders, stating that commonhold conversion mechanisms are essential for those trapped in the current leasehold system.

Housing Minister Matthew Pennycook assured that the government would continue implementing reforms to help millions of existing leaseholders.

If you need further information or legal advice, including conveyancing services in England, please contact our dedicated UKRE team: Anna Douglass, Alastair Hargreaves, Caren Vidamour, and Hannah Damant, who will be delighted to assist.

Our readers may have heard the news from Matthew Pennycook (the Housing and Planning Minister) that the UK Government is now fully committed to digitalising the conveyancing process.

The Minister says: “We are streamlining the cumbersome home buying process so that it is fit for the twenty-first century, helping homebuyers save money, gain time and reduce stress while also cutting the number of house sales that fall through.”

Of interest is that the jurisdiction of Norway has been referenced as an example of how well digitalisation can work, with transactions completing in around one month.

Government statistics suggest that transactions which fail to complete can be as many as one in three (30,000 annually), with associated costs of £400m per year, and with a further four million working days lost by those in the industry (valued at a significant £1bn).

Full details of the press release can be found here.

We at Ferbrache & Farrell LLP have written many articles about HM Land Registry and its transformative development through ongoing digitalisation. Anything which can help the wider conveyancing process become more frictionless can only be a beneficial step forward.

As part of the new commitment, a number of pilot projects are being set up by Government, in collaboration with HM Land Registry, and supported by a Digital Property Market Steering Group.

We await with interest the ensuing developments, and our team are already enthusiastic, early adopters of relevant technology to best help our clients.

For further information about any UK Real Estate matters, including selling, buying, leasing, or financing, please do not hesitate to contact Anna Douglass or Alastair Hargreaves, or any member of the UK Real Estate team at Ferbrache & Farrell LLP and who will be delighted to help.

The HM Land Registry (HMLR) has published the UK House Price Index for November 2024.

The latest data for November reveals some interesting trends in the UK housing market. On average, house prices have seen a slight decline of 0.4% since October 2024. Despite this monthly dip, there has been an annual price increase of 3.3%, bringing the average property value in the UK to £290,000.

England Highlights

Overall Trends: In England, house prices have mirrored the national trend, falling by 0.4% since October 2024. However, the annual price rise of 3% has pushed the average property value to £306,000.

Regional Variations:

• North East: This region experienced the most significant monthly increase, with house prices rising by 1.1%. Additionally, it saw the greatest annual price rise, with an impressive increase of 5.9%.
• South West: The South West faced the largest monthly price fall, with a decrease of 1.8%.
• London: The capital city recorded the lowest annual price growth, with a minimal rise of just 0.1%.

These figures highlight the dynamic nature of the housing market, with regional variations playing a significant role in overall trends. As we move forward, it will be interesting to see how these patterns evolve and what factors will influence future changes in property values.

For more details, please visit the official report here.

If you need further information or legal advice, including conveyancing services in England, please contact our dedicated UKRE team: Anna Douglass, Alastair Hargreaves, Caren Vidamour, and Hannah Damant, who will be delighted to assist.

Ho ho ho! The HM Land Registry (HMLR) has delivered an early Christmas present with the UK House Price Index for October 2024.

🎅 Santa’s Highlights:

Average House Prices: Up by 0.2% since September 2024, bringing festive cheer to homeowners.

Annual Price Rise: A jolly 3.4%, making the average property in the UK worth £292,000.

🎁 England’s Stocking Stuffers:

Monthly Increase: A slight 0.1% rise since September 2024.

Annual Growth: 3%, with the average property value now at £309,000.

🎄 Regional Christmas Surprises:

South West: The star on top of the tree with a 1.5% monthly increase.

North East: A bit of a Grinch with a -1.6% monthly fall, but still the highest annual rise at 4.7%.

London: A modest -0.2% annual growth, but still sparkling in the festive lights.

For more details, unwrap the full report here.

If you need further information or legal advice, including conveyancing services in England, our dedicated UKRE team – Anna Douglass, Alastair Hargreaves, Caren Vidamour, and Hannah Damant – are here to spread holiday cheer and assist you.

Wishing you a Merry Christmas and a prosperous New Year from our UKRE Team.