Average house prices in England and Wales fell one per cent in June, taking the average price to  £180,781.

Annual house price growth shows a decline for the tenth consecutive month, with an increase of 0.1 per cent.

House prices in London fell by 2.5 per cent in June – more than any other region in England and Wales, taking the average London house price to £345,136. The North East bucked the downward trend being the only region to experience growth, with a monthly increase of 4.1 per cent.

Direct link to the figures for the whole UK

http://www.landregistry.gov.uk/www/wps/portal/PrimaryWebsite

Isle of Wight Figures

– really interesting
I thought I would put a link in here  http://en.wikipedia.org/wiki/Isle_of_Wight   & only some of the content as a taster!


The Isle of Wight is a British island and county in the English Channel between three and five miles from the south coast of Great Britain . It is situated south of the county of Hampshire and is separated from mainland England by the Solent . Popular since Victorian times as a holiday resort, the Isle of Wight is known for its outstanding natural beauty and for its world-famous sailing based in Cowes .

The Island has a rich history including its own brief status as a nominally independent kingdom in the fifteenth century . It was home to the poet Alfred Lord Tennyson , and Queen Victoria built her much loved summer residence and final home Osborne House at East Cowes . The Island's maritime and industrial history encompasses boat building, sail making, the manufacture of flying boats , the world's first hovercraft and the testing and development of British space rockets. It is home to the Isle of Wight International Jazz Festival , Bestival and the recently revived Isle of Wight Festival , which, in 1970, was one of the largest rock music events ever held. ^[2] The island has some exceptional wildlife and is also one of the richest fossil locations for dinosaurs in Europe .

The island has in the past been part of Hampshire , however it became an independent administrative county (although still sharing the Lord Lieutenant of Hampshire ) in 1890 . In 1974 it was reconstituted as a non-metropolitan and ceremonial county with its own Lord Lieutenant and the name was adopted as a postal county . The island is the smallest ceremonial county in England at high tide , but its land area at low tide is larger than Rutland 's. ^{[3] [4]} With a single Member of Parliament and 132,731 permanent residents according to the 2001 census , it is also the most populated Parliamentary constituency in the United Kingdom .

Early history

The Isle of Wight is first mentioned in writing in Geography by Claudius Ptolemaeus .

At the end of the Roman Empire the island of Vectis became a Jutish kingdom ruled by King Stuf and his successors until AD 661 when it was invaded by Wulfhere of Mercia and forcibly converted to Christianity at sword point. When he left for Mercia the Islanders reverted to paganism.

In AD 685 it was invaded by Caedwalla of Wessex and can be considered to have become part of Wessex. Following the accession of West Saxon kings as kings of all England , it then became part of England. The island became part of the shire of Hampshire and was divided into hundreds as was the norm.

In 686, it became the last part of England to convert to Christianity . ^{[5] [6] [7]}

The Island suffered especially from the Vikings . Alfred the Great 's navy defeated the Danes in 871 after they had "ravaged Devon and the Isle of Wight".

Middle ages

The Norman Conquest created the position of Lord of the Isle of Wight . Carisbrooke Priory and the fort of Carisbrooke Castle were founded. The Island did not come under full control of the Crown until it was sold by the dying last Norman Lord, Lady Isabella de Fortibus , to Edward I in 1293.

The Lordship thereafter became a Royal appointment, with a brief interruption when Henry de Beauchamp, 1st Duke of Warwick was in 1444 crowned King of the Isle of Wight ^[8] , with King Henry VI assisting in person at the ceremony, placing the crown on his head. With no male heir, the regal title expired on the death of Henry de Beauchamp.

Henry VIII , who developed the Royal Navy and its permanent base at Portsmouth , fortified the Island at Yarmouth , East & West Cowes and Sandown . Much later, after the Spanish Armada in 1588, the threat of Spanish attacks remained and the outer fortifications of Carisbrooke Castle were built between 1597 and 1602.

Civil war

During the English Civil War King Charles fled to the Isle of Wight, believing he would receive sympathy from the governor, Robert Hammond. Hammond was appalled, and incarcerated the king in Carisbrooke Castle.

Queen Victoria

Queen Victoria made Osborne House on the Isle of Wight her summer home for many years and, as a result, it became a major holiday resort for fashionable Victorians including Alfred Lord Tennyson , Julia Margaret Cameron , Charles Dickens and members of European royalty.

During her reign, in 1897, the world's first ………..

Hansard 30th June 2008
Grant Shapps: To ask the Secretary of State for Communities and Local Government whether she plans to make home condition reports a compulsory component of home information packs.

Caroline Flint: The Home Condition Report remains a valuable element of the Home Information Pack. The Government will continue to work with stakeholders to make a success of the voluntary uptake of the HCR. The mandatory option has not been ruled out should this voluntary approach not work.

Hansard 15th July 2008
Robert Neill: To ask the Secretary of State for Defence how many home information packs have been commissioned by (a) his Department and (b) its agencies to market a residential property; for which properties; at what cost; and whether a voluntary home condition report was purchased as part of the packs.

Derek Twigg: This Department has commissioned two Home Information Packs in respect of the disposal of 7 and 9 Ladysmith Road, Ashton-under- Lyne, Greater Manchester at a cost of £250.00 each. No voluntary home condition reports were provided.

In another example of being helpful to the consumer these two properties were marketed with a pre-auction guide price of £70,000 and £75,000. They sold under the hammer for £125,000 and £135,000. One wonders how many potential buyers spent abortive time and money in the reasonable expectation that they’d be able to buy the properties at something close to the guide prices?

FINALLY...

These are tough times for everyone involved in the residential market and unfortunately the casualty list is growing by the day. May I commend to you the soon-to-be-launched NAEA property portal that will be a free member benefit. We have all spent years paying through the nose to build the brand name of paid-for portals - one of which had the gall to hike their charges at a time when cost-cuts were needed. I find their stance insupportable. The NAEA site will provide a viable alternative if it receives the mass backing of the industry and if we all have the guts to use just this one portal to the exclusion of others the general public will come to it. Oh, and we'd all be saving a small fortune. "

All good wishes

National Index   JUNE 2008

Annual Change -6.1%
Monthly Change -2.0%
Standardised Average House Price (seasonally adjusted) £180,344

On an annual basis, house prices in June were 6.1% lower. UK average prices have returned to the level they were at in August 2006. The UK average price remains slightly higher (2%) than two years' ago, more than 10% higher than in June 2005 and almost 40% above that in June 2003.

House prices fell by 2.0% in June compared to 2.5% in May, a slight moderation in the recent rate of decline.

UK house prices have risen by 196% (£119,379) since the trough of the 1990s housing market downturn in July 1995. Prices increased for 48 consecutive quarters between 1995 Q4 and 2007 Q3 with the exceptions of 2000 Q2 when prices fell slightly (-0.1%) and 2005 Q2 (0.0%).

The housing market continues to be underpinned by sound fundamentals. All our research indicates that the labour market is the key driver of the housing market. Employment is at a record high of 29.55 million. Total employment increased by 76,000 over the three months to April compared with the previous quarter and by 446,000 over the past year.

This month we look at housing equity as part of our occasional series on key market developments. A combination of borrowers putting down bigger deposits and the significant increase in house prices in recent years has resulted in homeowners building up very substantial levels of equity in their homes. The Bank of England recently reported that 70% of mortgage holders have at least 50% equity in their homes (Financial Stability Report, April 2008).
Commenting, Martin Ellis, chief economist, said

"House prices have declined by 6.1% over the past year. Nonetheless, the average UK price remains slightly higher than two years' ago and is appreciably stronger than three or four years ago.

House prices fell by 2.0% in June compared to 2.5% in May, a slight moderation in the recent rate of decline.

The average UK price has risen by 150% during the past decade from £72,096 to £180,344; an increase of £108,248. Prices have risen by 196% (£119,379) since the trough of the 1990s housing market downturn in July 1995.

A strong labour market, low interest rates and a shortage of new houses underpin housing valuations. Our research shows that the labour market is the key driver of the housing market. Employment is at a record high."

Annual house price inflation at -6.1% in June

The annual rate of house price inflation – measured by the average price over the three latest months compared with the same period a year earlier – is now at -6.1% in June. House prices overall rose by 5.2% in 2007

Housing demand has fallen for a number of reasons……The decline in prices is driven by a squeeze on spending power, affordability difficulties due to the rapid rise in house prices in the last few years and the decline in credit availability resulting from the crisis in the financial markets. These factors have curbed housing demand. There has been a slight fall in 'real' earnings over the past year. Average earnings rose by 3.8% in the year to April compared to a 4.2% increase in the headline rate of retail price inflation over the same period. Significant increases in both fuel (12%) and food prices (8%) over the past year have helped to reduce the discretionary income available to households to fund house purchase. 

We expect the UK economy to slow further in 2008, with a further rise in unemployment and low interest rates, accepting that inflationary pressures will restrict the MPC's ability to reduce base rates below current levels. 

HOUSING EQUITY

The value of UK private housing stock more than tripled between 1997 and 2007 to reach a total of £4 trillion (£4,000 billion) at the end of 2007. Housing equity has increased from £870bn in 1997 to £2,800bn in 2007. Accordingly, the average level of housing equity rose from £45,000 at the end of 1997 to £125,000 ten years later. Over the period, housing assets grew by 208% against a 178% rise in outstanding mortgage debt.Housing assets increased by more than mortgage debt levels in each year between 1995 and 2007.

Buyers have been putting down bigger deposits than in previous cycles. 56% of new borrowers put down a deposit of more than 10% in 1989 and 1990. By contrast, 82% of all new borrowers put down a deposit of more than 10% of the house price during the final quarter of 2007. (Source: CML)

There have also been far fewer 100% plus loans taken out by first-time buyers (FTBs) recently compared with the late 1980s and early 1990s: 5% of all FTB loans in 2007 against 35% in 1990.(Source: CML) 

An estimated 300,000 FTBs entered the market in 2007, the lowest since 1980. This compares with an estimated 900,000 at the peak in 1988. FTBs have also declined sharply as a proportion of all borrowers taking out a new mortgage to finance house purchase, accounting for 30% in 2007 compared to 51-52% in 1989 and 1990. (FTBs accounted for 14% of all new mortgages - i.e. including remortgages - in 2007 against 45% in 1993 - the earliest available data on this basis.)

There was a long period of sustained house price growth between the mid 1990s and the summer of 2007. Prices increased for 48 consecutive quarters between 1995 Q4 and 2007 Q3 with the exceptions of 2000 Q2 when prices fell slightly (-0.1%) and 2005 Q2 (0.0%).

The combination of borrowers putting down bigger deposits and the substantial increase in house prices in recent years has resulted in homeowners building up substantial levels of equity in their homes. The Bank of England recently reported that 70% of mortgage holders have at least 50% equity in their homes. (Source: BoE Financial Stability Report, April 2008)

The number of housing transactions in recent years has been significantly lower than at the height of the late 1980s housing boom. There were 1.17 million house sales in England & Wales in 2007 and an average of 1.16 million in the last three years (2005-2007). This is nearly a third lower than in 1988 when there were an estimated 1.7 million transactions. Transactions have also been significantly lower as a proportion of the housing stock in recent years; averaging 7% during 2005-2007 compared to 12% between 1986 and 1988.

 ABOUT THE HALIFAX HOUSE PRICE INDEX

The Halifax House Price Index is the UK's longest running monthly house price series with data covering the whole country going back to January 1983. The Index is typically based on around 15,000 house purchases per month, and covers the whole calendar month. From this data, a "standardised" house price is calculated and property price movements on a like-for-like basis (including seasonal adjustments) are analysed over time. Properties over £1 million are included and the index is seasonally adjusted with the seasonal factors updated monthly.

The Halifax House Price Index is prepared from information that we believe is collated with care, but we do not make any statement as to its accuracy or completeness. We reserve the right to vary our methodology and to edit or discontinue/withdraw this, or any other report. Any use of this report for an individual's own or third party commercial purposes is done entirely at the risk of the person making such use and solely the responsibility of the person or persons making such reliance. © Bank of Scotland plc all rights reserved 2008".

• The National Housing Federation commented on Gordon Brown’s record on affordable housing. David Orr, Chief Executive of the Federation, said: "Gordon Brown should be warmly applauded for setting, very early on, the ambitious target of building 3m new homes by 2020. This was a decision that put affordable housing centre stage. But since then, market conditions have dramatically changed and Mr Brown's government now needs to work with us to ensure households at risk of repossession are protected, and affordable housing continues to be delivered in the right numbers.’

• Housing Minister, Caroline Flint announced the successful recruitment of Robert Napier the first Chair of the Homes and Communities Agency (HCA), the new agency to support regeneration and drive forward the delivery of new affordable homes, whilst Peter Marsh, Deputy Chief Executive of the Housing Corporation, will become the first Chief Executive of the Tenant Services Authority (TSA) to oversee the development and implementation of the regulator when it opens for business.

• Chartered Institute of Housing has welcomed the appointment of Robert Napier, as first Chair of the Homes and Communities Agency (HCA), and Peter Marsh, as first Chief Executive of the Tenant Services Authority (TSA). CIH Chief Executive, Sarah Webb, said: "We congratulate Robert on his appointment and we are looking forward to offering him our support to help establish and develop the HCA – an immensely important new organisation for the housing sector.

Tuesday 1 July

• In answer to a question on home information packs, Housing Minister, Caroline Flint said: ‘The Home Condition Report remains a valuable element of the Home Information Pack. The Government will continue to work with stakeholders to make a success of the voluntary uptake of the HCR. The mandatory option has not been ruled out should this voluntary approach not work.’

• Jeremy Leaf, from RICS told the BBC this morning that the pace of decline in the housing market is not as strong as people fear, he said: “The figures are bad but if you look behind the figures there is actually a little bit of a glimmer that they are perhaps not getting so bad as quickly as they were perhaps a few months ago.”

• The Government is introducing extra protection for people buying and selling homes. Consumer Minister, Gareth Thomas laid an order in Parliament (1 July) requiring all residential estate agents to belong to a redress scheme by 1st October. Gareth Thomas said: "People who experience problems with an estate agent will soon have access to a free, easy to use ombudsman. The scheme will be transparent, independent and fair. It will speedily resolve complaints and will have the power to award compensation... Buying or selling your home is a life changing decision. It can cause people real stress and worry. Our measures should take some of this worry away and drive out the rogues that give honest businesses a bad name."

• The Government is introducing extra protection for people buying and selling homes. Consumer Minister Gareth Thomas laid an order in Parliament today (1 July) requiring all residential estate agents to belong to a redress scheme by 1st October he said: "People who experience problems with an estate agent will soon have access to a free, easy to use ombudsman. The scheme will be transparent, independent and fair. It will speedily resolve complaints and will have the power to award compensation."  New measures will also come into force in October 2008 that:

give greater powers to the Office of Fair Trading to remove rogue estate agents from the market increase the investigatory powers of enforcement officers.

• In answer to an oral question on Housing: Selective Licensing Schemes, Baroness Andrews, Parliamentary Under-Secretary of State, Department for Communities and Local Government said: ‘the Government are satisfied with the progress that local authorities have made in establishing selective licensing schemes under the Housing Act 2004. As was expected, local authorities’ statutory duty to implement the mandatory licensing of certain houses in multiple occupation has taken precedence over discretionary licensing initiatives. To date, seven selective licensing schemes have been approved.’

• In answer to a question Baroness Andrews said: ‘we rely on the private rented sector. Its share as a provider of all our homes has increased from 8 per cent to 12 per cent since 1988, so it is an important part of the market. The point about selective licensing is that landlords in certain areas are registered by the local authority in an attempt to help them to manage their tenants and properties better; essentially it is a management tool. There are great benefits for landlords in this because a scheme raises the tenor of and attitude towards the sector, but landlords have to be able to agree to it.’

• Housing Minister, Caroline Flint has set out measures on providing more social and affordable homes. New immediate measures designed to respond to the impact of the credit crunch on the housing market and maintain the delivery of new affordable housing, were announced today.

Wednesday 3 July

• In answer to oral questions on home information packs, Iain Wright Minister for Local government said: ‘On the important point about publicity for such qualifications, I am keen to encourage awarding bodies to consider something like a kitemark for high-performing training and assessment centres. I am discussing the standards for training providers with trading standards and the Qualifications and Curriculum Authority. I am more than happy to meet my hon. Friend to discuss the examples from his constituency.’

• In answer to an oral question on estate agents in Upminster Mr Wright said: ‘We need to encourage estate agents and others to show HIPs to home buyers and sellers. All the indications are that HIPs improve the home buying and selling process. Linked with energy performance certificates, they can provide suitable information to ensure that the biggest investment that someone is likely to make—buying a house—proceeds in as smooth a manner as possible.’

• In answer to an oral question on sharp practice in the market Mr Wright said; 'we need to stamp out such practices as much as possible, particularly in the volatile and turbulent market that we have at the moment. I would be happy to meet him to discuss the specifics of the case that he raises, and to ensure that we deal with the matter appropriately.’

• In answer to an oral question on the Carsberg Review Mr Wright said: ‘About 750,000 HIPs have been produced in what we should all recognise is a very difficult market. HIPs and energy performance certificates are providing lower up-front costs for first-time buyers and falling costs for property searches—incidentally, I have just come from the fifth anniversary dinner of the Council of Property Search Organisations. Furthermore, if home owners carry out the changes proposed in the EPCs, there will be savings of around £100 million on energy bills. We will engage openly and constructively with all involved in the housing market to try to tackle the current global problems. If the hon. Gentleman wants to sit on the sidelines and snipe with undisguised glee, he can do that, but I want to get on with the job.’