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Sunday 31st of October 2010
October 29, 2010    

Official: annual house price inflation 5.2%

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by Gill Montia
”Official:

The Land Registry has reported annual house price growth of 5.2% across England and Wales in September, marking the eleventh consecutive month in which annual property price inflation has remained above zero.

However, the value of the typical home was at its lowest since December 2009 and the monthly change of -0.2% was the first negative figure recorded for six months.

Yorkshire & The Humber experienced the greatest monthly rise with a movement of 1.5%, while the West Midlands was the region with the most significant monthly price fall at -1.4%.

The average house price in England and Wales stood at £166,769 last month, with the figure rising to £340,344 in London, the Capital having seen annual growth of 8.8%.

All 10 regions of England and Wales experienced increases in their average property values over the last 12 months and the figures also show the number of property transactions increasing year-on-year, from around 50,865 per month in April to July 2009, to 57,152 per month in the same period of 2010.

The Registry’s figures are published a month later than those of other commentators on the market and are based on completed transactions, rather than mortgage approvals.

They are widely regarded as the most accurate available and by way of comparison, Nationwide reported annual house price inflation of 3.1% in September, across the whole of the UK.

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