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January 4, 2008    

Land Registry figures show housing market resilience

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by Gill Montia

The Land Registry, which provides the most reliable source of house price data, has published figures for November showing a 0.6% increase in average house prices.

The rise equates to 8.1% year-on-year, and takes the average UK house price to £186,009.

The gain means that average prices have increased across all regions of England and Wales over the 12 months prior to the end of November 2007.

However, in the North East the rise was down to 3.3%, following a 0.9% decline in prices in November.

London house prices rose more than all other regions, gaining 1.1% during the month and putting prices up 15.6% up, year-on-year.

Figures for county or unitary authorities show the City of Nottingham experiencing the smallest annual change, prices having risen 2.8%.

The lowest performing metropolitan district in terms of annual price change is St Helens with annual growth of 1.9%.

Blaenau Gwent saw the strongest monthly increase at 3%, while in Stockton-On-Tees, prices fell 1.4% in November.

Also in terms of a monthly increase Newcastle upon Tyne was ahead, with a gain of 1.6% in November.

Bolton and Sefton experienced the most significant monthly price falls, with prices declining 1%.

The borough with the highest annual price increase was Kensington and Chelsea, rising by 30.4%.

Redbridge was the lowest performing borough in terms of annual price change, with annual growth of 8.4%.

Property experts interpret the figures as showing a level of resilience in the market.

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