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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

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 It is now over 6 months old so the content may be out of date.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.

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