Official figures show October house price rise

Land Registry figures shows house prices in England and Wales rising 0.6% in October 2009, compared to a month earlier.

The average value of a home increased for the fifth successive month, to £159,546, with the annual decline falling back to minus 3.4%.

The North West of England saw the biggest monthly gain, at 1.9%, followed by the North East and South West, both at 1.5%.

In London, prices rose 1.4% having increased for the sixth month in a row and taking the annual rate of fall to minus 0.2%; the average London property was worth £317,601 in October.

However, Wales and the West Midlands experienced price drops of 2.3% and 0.6% respectively.

The Registry also reported that from May to August, transaction volumes averaged 52,608 per month, down from 56,107 in the same period of 2008.

While the Land Registry’s figures lag behind those of other commentators on the market, they are generally regarded as the most reliable as they are based on completed sales.

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