Indexes of property prices are numerous in the UK housing market. The widely recognized indexes are useful in predicting the trend of property prices. The indexes also offer forecasts based on their index over the past year. Whilst these indexes are not completely accurate, they do provide a fairly comprehensive picture of the market.
RightMove.com says the price of property coming to market fell in July for the first time this year, down by 0.8% or £2,116 on average this month, leading to a fall in the annual rate of growth from 7.7% to 6.5%. The average house price in June was £272,275 which was up 0.1% over the previous month, but the average house price in July was £270,159, down 0.8% from the previous month. The July monthly asking price was down 0.8% from June. The largest annual change of -2.2% occurred in the North of the UK. The largest annual change occurred in Greater London where prices increased 13.2%. East Anglia recorded the second largest annual change of +13.2%.
The RightMove.com monthly property price index, which has a 2002 value of 100 was 221.14 in June 2014, and it decreased to 219.8 in July. RightMove.com is maintaining its property price growth to 8% for year end December 2014.
The price index for Watton shows a dramatic increase in prices for July 2014 when the average property selling price was £180,612 for 33 properties compared to the January 2014 average selling price of £147,062 for 32 properties. The market rose in price to £189,000 for 31 properties in March, and the prices have been stable since.
Detached properties represented the majority of property sales in Watton during the past year. They sold for an average price of £176,207. Terraced properties sold for an average of £115,274 with semi-detached properties selling for £134,474. With an overall average price of £149,345, Watton was less expensive than nearby Shipdham where the average price was £189,347, Necton where the average price was £173,143 and Hingham with an average of £204,548.
Overall selling prices in Watton over the past year were up 9% on the previous year and down 5% from the 2008 level of £157,648. This price index can be used by those in the market for a new home as well as those hoping to sell their homes by providing average pricing and trends for the area.