Average house price up by £25K in one year - Mortgages - News - Moneyfacts

News

Average house price up by £25K in one year

Average house price up by £25K in one year

Category: Mortgages

Updated: 14/05/2010
First Published: 14/05/2010

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.
The average house price in England and Wales has risen by more than £25,000 in the last 12 months, although the number of sales being made is still historically low.

A 0.5% rise in prices during April took the average house price up to £225,963. It marks the twelfth month in succession that values have risen, according to Academetrics.

Since the housing market trough in April last year, when a buyer could have expected to pay £200,197, the average property price has soared by 12.9%, or, in monetary terms, £25,766.

On an annual basis, it is the sixth month in a row that the change has been positive.

As evidenced elsewhere, prices in the London property market continue to show strong increases, although the major upturns are taking place at the top end of the market.

For example, a terraced house in Westminster and Kensington or Chelsea would currently cost in excess of £1.25 million, an annual increase of more than 20%.

The rising house prices are not translating into sales however, as transactions fell by 5% in April, compared with March. In fact, the level of sales in April, was the second lowest figure for the month since the Land Registry started reporting sales in 1995.

Dr Peter Williams, chairman of Academetrics, said that increased buyer competition in a market characterised by weak supply had affected sales.

"This in turn reflects the great uncertainty that now hangs over the whole market," he added.

Find the best savings account for you - Compare best selling savings accounts

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

Related Articles

Remortgaging bounces back

Remortgaging has been enjoying a welcome boost in recent months, despite September’s slight dip, with many homeowners capitalising on record low mortgage rates to boost their finances.

Bank of Mum and Dad holds the (house) key

The Bank of Mum and Dad is an important source of finance for many young adults, and it seems that they still hold the key – in more ways than one.

Fee-free mortgages on the rise

Mortgage rates may be at record lows, but for some people, the extra costs associated can make switching deals a financial impossibility. It’ll come as welcome news, then, that the number of fee-free deals has more than doubled over the past year!
 
Close