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 It is now over 6 months old so the content may be out of date.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

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