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Official annual house price inflation at 7.5%

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by Gill Montia

The Land Registry has published house price data for March showing a positive annual change of 7.5% and marking the fifth consecutive month of growth.

However, the monthly change stood at minus 0.6%, taking the average house price in England and Wales down slightly, to £164,288.

The East Midlands was the region with the most significant monthly price drop in March, at minus 2.1%.

Both London and the North East experienced the greatest monthly rises with movements of 1.6%, and the average price of a home in the Capital stood at £336,409.

The borough with the highest annual price rise was Kensington and Chelsea where prices soared by 20.3%.

All 10 regions covered by the survey saw house price rises in the 12 months to the end of March, with London leading the way at 13%.

The region with the lowest rate of annual inflation was Wales, with a movement of 1.1%.

By way of comparison, for March Halifax reported a 1.1% rise in UK house prices, compared to a month earlier.

The increase took the average value of a home to £168,521, having shown an annual gain of 5.2%.

The Land Registry also noted that the number of property sales per month has increased since last year, with an average 58,775 transactions between October 2009 and January 2010, compared to an average 36,264 in the same period of 2008/2009.

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News posted: April 30, 2010

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