Land Registry detects 0.1% jump in house prices
Monthly figures from the Land Registry show house prices in England and Wales rising in June, for the first time since January 2008.
The average cost of a home jumped 0.1% compared with May, to £153,046.
However, the increase leaves prices 14% lower than a year earlier and the Registry cautions that the size of the June movement “does not signal a return to solid growth, but rather flattening prices”.
Prices rose in five regions with London showing a 2% increase; the West Midlands 0.5%; the South West 0.4%; the South East 0.3% and the East 0.2%.
In the North East prices fell an average 0.1% in June; in the North West by 0.9%; the East Midlands 1.1%; Wales 1.1% and Yorkshire and Humber by 1.2%.
The research gives annual declines by property type as follows: detached homes 12.2%; semi-detached homes 14.3%; terraced homes 14.6% and flats or maisonettes 14.8%.
Regionally, the North East has seen the biggest annual drop, at 15.9%.
The Land Registry’s figures come a month behind those of other commentators but are generally regarded as the most reliable as they are based on completed transactions rather than mortgage approvals.
By way of comparison, Nationwide reported a 0.9% rise in the average price of a UK home in June, to £156,442.
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This Government planning to hike up all Council Taxes during the worst recession we have ever encountered is also going to harm the property markets.
Signed Carl Barron Chairman of agpcuk