House prices edge up in May - Mortgages - News - Moneyfacts


House prices edge up in May

House prices edge up in May

Category: Mortgages

Updated: 11/07/2012
First Published: 02/07/2012

This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

House prices in England and Wales recovered from their slight fall in April, ending the month 0.5% up in May, figures from the Land Registry show.

The average house price in England and Wales is now £161,677, marking a 0.4% increase from a year ago.

However, the report did reveal the significant price variations between the different regions in England and Wales .

Seven out of the eleven regions recorded price increases, with London continuing to experience the greatest price growth, seeing prices rising by 2.6% to £365,359.

The Yorkshire and The Humber region, meanwhile, experienced the greatest fall, with prices down 3.9% to £117,371.

The South East continues to be the most sought-after region in which to buy a home, with 267,587 home registration applications made to the Land Registry in May.

The report also revealed that the most expensive property to be sold in May was located in central London and garnered a £28 million price tag.

The cheapest house, located in Oldham, Lancashire, sold for £10,000.

Reflecting the impact that the end of the stamp duty holiday on March 24 had on house sales, figures show that the number of completed house sales increased by 25% in March compared with a year earlier.

Find the best mortgage rate - Compare best selling mortgages

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 Any products featured may be withdrawn by their provider or changed at any time.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!