The most recent house price data from the Land registry shows an annual seven percent rise in house prices across the UK. This brings the average price of a property in England and Wales to £164,455. House sale transactions for the period September to December 2009 were greatly increased on the same period the previous year, totalling 63,687.
The highest annual price change has been seen in London, which stood at 11.9 percent annual increase as of February. This brings the average property in the capital to £333,394, which actually represents a small decrease on the previous month.
Overall nine regions of England and Wales experienced an annual price rise. After London, the South West was a strong performer with an annual increase of 9.8 percent. The North-East experienced the most significant price fall, with movement of -2.3 percent.
When broken down to regional authorities, Brighton and Hove proved once again it could hold its own with an impressive 13.5 percent annual increase. The greatest fall was seen by Hartlepool, which suffered an annual drop of 10.5 percent.
Although the annual figures show a positive climb in house prices, the last few months have seen declines in many regions. RICS are also reporting that they are receiving more instructions from sellers than enquiries from buyers. Seeing these figures as a sign of full market recovery would be very premature. |
