House prices in England and Wales ended 2009 at the same level as they did in 2006, indicating a significant market recovery, according to figures released today.
The average price of residential property transactions was 0.8 per cent higher in December than it was in November, and 4.2 per cent higher than 12 months previously, research conducted by Academetrics shows.
December was the second consecutive month in which the annual rate of change in house prices was positive. In December 2008, the annual rate of change was -10.8 per cent.
The average property transaction was £214,283 in December.
Data shows that monthly rises in property transactions has slowed since the rate peaked at 1.2 per cent in September.
However, figures from November show that activity is still markedly down historically. Approximately 58,000 houses were sold in England and Wales in the month, a reduction of almost 40 per cent on the ten year average for the month of around 95,000.
"The current monthly house price increase of 0.8 per cent is the eighth in succession, suggesting a recovery that is now well entrenched," commented Dr Peter Williams, chairman of Academetrics.
"However, the rate of increase has been slowing since September and there is a strong regional variations in the recovery story. This does underline the considerable uncertainty which exists as to the likely trend of house prices in 2010."
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