According to the Land Registry, house prices in England and Wales increased by 0.8% in July 2012, making the average price £162,900. Prices are now 0.3% higher than they were in July 2011, with London bolstering the property market.
London property prices experienced a more significant increase in July, rising by 2.7%. During the last 12 months, they’ve increased by 6.5% despite uncertainty in the Eurozone. It’s generally thought that cash-rich overseas investors still regard bricks and mortar in the capital as a safe haven for their wealth in comparison to the fickle stock market.
The average house price in London now stands at £367,785.
Significant regional differences in house prices are apparently glossed over by the national average. During the month of July, four out of 10 regions highlighted in the Land Registry’s index recorded falls in house prices. These were: the North East (-2.1%), the North West (-1.7%), the South West (0.6%) and Yorkshire and the Humber (0.1%).
Wales experienced a 2.3% monthly rise but a -1.3% yearly decline. The average house price in Wales is now £118,896.
Meanwhile, the East Midlands saw a 1.2% monthly rise and 0.4% yearly increase in prices. The East and the South East both recorded a 0.4% monthly rise.
The Land Registry found that the North West recorded the largest fall over the past year, which was calculated at 3.9%. The average price for the region currently stands at £109,235.
The most up to date available figures show that during May 2012, the number of completed house sales in England and Wales increased by 2% to 50,083 compared with 48,974 in May 2011. Meanwhile, the number of homes sold in England and Wales for over £1million in May 2012 increased by 107% to 562 from 217 in May 2011.
The Land Registry certainly paints a more positive picture than some of the other major house price indexes. For instance, Nationwide claims that the price of a typical house dropped by 0.7% in July and that prices are 2.6% lower than they were one year ago. They also calculated the current average house price to be slightly higher, at £164,389.
Robert Gardner, chief economist at Nationwide, said: “Against this difficult economic backdrop, it would be argued that UK house prices have shown resilience. While prices are currently 13% below their 2007 peak, this is less than the declines seen in a number of other economies that have experienced similar or more robust economic recoveries.”
According to the Land Registry, house prices in England and Wales increased by 0.8% in July 2012, making the average price £162,900. Prices are now 0.3% higher than they were in July 2011, with London bolstering the property market.
London property prices experienced a more significant increase in July, rising by 2.7%. During the last 12 months, they’ve increased by 6.5% despite uncertainty in the Eurozone. It’s generally thought that cash-rich overseas investors still regard bricks and mortar in the capital as a safe haven for their wealth in comparison to the fickle stock market.
The average house price in London now stands at £367,785.
Significant regional differences in house prices are apparently glossed over by the national average. During the month of July, four out of 10 regions highlighted in the Land Registry’s index recorded falls in house prices. These were: the North East (-2.1%), the North West (-1.7%), the South West (0.6%) and Yorkshire and the Humber (0.1%).
Wales experienced a 2.3% monthly rise but a -1.3% yearly decline. The average house price in Wales is now £118,896.
Meanwhile, the East Midlands saw a 1.2% monthly rise and 0.4% yearly increase in prices. The East and the South East both recorded a 0.4% monthly rise.
The Land Registry found that the North West recorded the largest fall over the past year, which was calculated at 3.9%. The average price for the region currently stands at £109,235.
The most up to date available figures show that during May 2012, the number of completed house sales in England and Wales increased by 2% to 50,083 compared with 48,974 in May 2011. Meanwhile, the number of homes sold in England and Wales for over £1million in May 2012 increased by 107% to 562 from 217 in May 2011.
The Land Registry certainly paints a more positive picture than some of the other major house price indexes. For instance, Nationwide claims that the price of a typical house dropped by 0.7% in July and that prices are 2.6% lower than they were one year ago. They also calculated the current average house price to be slightly higher, at £164,389.
Robert Gardner, chief economist at Nationwide, said: “Against this difficult economic backdrop, it would be argued that UK house prices have shown resilience. While prices are currently 13% below their 2007 peak, this is less than the declines seen in a number of other economies that have experienced similar or more robust economic recoveries.”
Sources: Land Registry, Nationwide.