February house prices show 7% annual gain

| March 28, 2010 | 0 Comments

In February, the value of the average home in England and Wales rose 7% year-on-year, to £164,455, according to new figures from the Land Registry.

The increase points towards a “strengthening in the housing market”, although the monthly house price change was negative, at -0.3%.

On a regional basis, Wales was the region with the most significant monthly price fall with a movement of -2.4%, whereas the North West experienced the greatest monthly rise with a movement of 3.6%.

Average prices per property type for February are as follows: detached £256,879; semi-detached £156,181; terraced £125,679; Flat/maisonette £153,406

In terms of annual house price rises, London continues to lead the way with a gain of 11.9%, taking the average value of a property in the Capital to £333,394, in February.

Of the London boroughs, Kensington and Chelsea showed the highest annual increase at 17.5%.

Finally, property sales averaged 63,687 per month from the beginning of September to the end of December, compared with 39,892 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 accurate because they are based on completed transactions, rather than specific lenders’ mortgage approvals.

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