Land Registry: house prices up 0.3%

| September 28, 2010 | 0 Comments

The Land Registry’s latest house price index shows the average cost of a home in England and Wales rising by 0.3% in August.

Having seen the fifth consecutive monthly increase, the value of the average home stood at £167,423, although on an annual basis the typical house price gain fell slightly compared with July, to 6.7%.

The West Midlands experienced the greatest monthly rise, with a movement of 1.2% in August, while London homes put on 0.9%, bringing the average property price in the Capital to £345,734.

Yorkshire & The Humber saw the most significant monthly price fall, at -1.4%.

The index shows all 10 regions in England and Wales experiencing increases in their average property values over the 12 months to the end of August, with London sporting the highest annual change at 11.4%, compared with a movement of 1.6% in the North East, the region with the slowest annual growth.

Finally, sales volumes have increased from last year: in March to June 2009, transaction volumes averaged 43,825 per month, while in the same period this year the average was 53,089.

While Land Registry figures are normally published a month behind other house price indices, they are generally regarded as the most accurate because they are based on completed sales, rather than mortgage approvals.

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