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House prices increase at five year high

House prices increase at five year high

Category: Mortgages

Updated: 01/09/2009
First Published: 28/08/2009

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 It is now over 6 months old so the content may be out of date.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 have recorded their biggest rise in five years, with rises in every region, figures from the Land Registry have revealed.

The survey is thought of as one of the most trustworthy house price indexes as it records all completed house sales and compares the price paid for property now compared to when it was sold previously.

Last month the Land Registry reported that house prices had recorded their first rise in 18 months, albeit by just 0.1 per cent.

That has been followed by a 1.7 per cent rise in July, the most significant gain seen since July 2004. This represents a rise from £153,046 to £155,885 in the average value of property in England and Wales.

The gains mean that the annual rate of decline has slowed to 11.7 per cent.

Every region enjoyed a rise in prices, with Wales recording a monthly upturn of 3.1 per cent. It was least pronounced in Yorkshire and Humber, where prices improved by 0.9 per cent.

The monthly change in house prices in London was up by 1.6 per cent, with the average price of property in the capital climbing to £306,963.

The Land Registry's figures provides further evidence that the housing market is beginning to recover and is the latest in a long line of indexes and surveys reporting property prices have increased in recent months.

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