House prices put on 0.2%


House prices in England and Wales increased 0.2% in November, according to Hometrack.

The fourth consecutive monthly rise eased the annual decline to 2.9%, compared with 4.2% in October.

The research also revealed that price rises had a strong regional bias, with London and the South East reporting growth in 79% and 57% of post code areas respectively, compared to an average of 37%.

A continued shortage of stock meant that the average vendor achieved 93.2% of their asking price in November, up from 92.9% a month earlier, and with the proportion at its highest since March 2008.

The number of new buyers registering on estate agents’ books fell back slightly in November, compared to October, although the typical selling time of a home remained steady at 8.4 weeks.

Summing up, Hometrack’s director of research, Richard Donnell says: “Further price rises could well result in an increase in the time to sell as stronger pricing meets greater resistance from would-be buyers whose numbers are also growing more slowly.”

In October, Hometrack detected an similar 0.2% increase in the price of a home in England and Wales, which compares with latest figures from the Land Registry showing prices in England and Wales rising 0.6% during the month.

According to the Registry, the annual decline eased to minus 3.4% in October, compared with Hometrack’s 4.2%.

While Land Registry figures lag behind those of other commentators on the market, they are based on completed transactions and therefore generally regarded as accurate.

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