Land Registry: house price growth strongest this year

| August 31, 2010 | 0 Comments

The Land Registry has reported that house prices in England and Wales increased by 0.4% in July, with growth at its strongest since the start of the year.

The rise took the average value of a home to £166,798 but left annual growth at 6.7%, down from 8.4% in June.

Data for London show monthly growth of 1.6%, with the typical house in the Capital worth £343,730, in July.

Nine regions in England and Wales have experienced increases in their average property values over the last 12 months, with London leading the way at 12.1%.

The region with the greatest annual price fall is the North East with a movement of -1.4 per cent.

Turning to market activity, completed transactions stood at 48,219 per month on average between February and May 2010, compared with 36,947 per month in the same period of 2009.

Land Registry figures appear almost a month later than those of other market commentators but are generally regarded as the most reliable because they are based on completed sales, rather than mortgage approvals.

By way of comparison, Halifax reported that UK house prices increased by 0.6% in July, setting the average value of a home at £167,425.

The lender calculated that prices were 4.9% higher year-on-year.

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