Land Registry Reports house prices rise by 6.7% in past yearMake Text Bigger
House prices are pretty much at a stand still this year although prices are up an average 6.7% for all types of property on July last year.
Prices climbed a modest 0.4% in July, according to the latest house price data from the Land Registry.
Although the best reported increase since January, the change is fractional compared to double-digit increases at the peak of the market before the buble burst in recession.
Average property prices in England and Wales are £166,798 – the break down for different property types is:
- Detached – £259,982 (Up 7.6% from £241,606 in July 2009)
- Semi-detached -£157,553 (Up 6.5% from £147,982 in July 2009)
- Terraced – £128,260 (Up 6.5% from £120,405 in July 2009)
- Flat/maisonette – £155,785 (Up 6.8% from £145,877 in July 2009)
- All – £166,798 (Up 6.7% from £156,367 in July 2009)
Between February to May 2009, average monthly sales were 36,947 compared to 48,219 for the same months this year – an increase of 23%.
Prices in London are up 12.1% year-on-year, which is the strongest growth in any region in of England and Wales in the period.
House prices in London returned a monthly growth of 1.6% for July 2010, which is the largest rise since January 2010. The average house in the capital is now worth £343,730.
The region where prices fell the most is the North East with a movement of minus 1.4%.
Prices in the South West showed the greatest monthly rise with a movement of 2.2%.
Wales had the most significant monthly price fall, with a drop of 1.1%.
The Land Registry House Price Index (HPI) captures changes in the value of residential properties in England and Wales.
The HPI is published by Land Registry using sales data collected on all residential housing transactions, whether for cash or with a mortgage, since January 1995.
The survey breaks down house prices figures for the period by region, council area and city – for the full report click here.
If you are looking to buy or refinance at the moment please remember that buy-to-let mortgage quotations are available to you 24/7 – simply CLICK HERE.
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