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London house prices race ahead

London house prices race ahead

Category: Mortgages

Updated: 31/05/2011
First Published: 31/05/2011

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 It is now over 6 months old so the content may be out of date.

London is bucking the wider trend of stagnating house prices in the UK, with prices up by 5% over the last 12 months in the capital.

Data from the Land Registry has shown that while house prices in the rest of England and Wales struggled in the 12 months to April, values in the capital grew strongly by comparison.

A strong 3% rise in house prices in London during April took annual price inflation to 5% for the year.

In the UK and Wales, there was an average fall of 1.3% in the amount people paid for a home over the last year, taking the national house price average to £163,083.

In fact, apart from London, just one other region recorded an annual rise in prices, although the 0.5% increase in the South East was markedly smaller than in the capital.

At the end of April, somebody buying a home in a London postcode could have expected to fork out an average of just over £352,000.

The region that has suffered the largest scale annual fall is the North East, where homeowners have seen an average of 8.1% shaved off the value of their properties.

It was the place where prices fell the most in April; prices dropped by 1.7% in the month, taking the average value of a home to just shy of £103,000 – by far the lowest of all regions in England and Wales.

There were also monthly falls in prices in the East and the North West in the month.

The East Midlands, Wales and West Midlands all enjoyed strong monthly rises, with increases of 1.7%, 1.2% and 1.1% respectively.

Figures also showed that transaction volumes have remained relatively consistent over the last six months, at around the 47,000 per month mark.

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