House prices in England and Wales up 0.9%, month on month, latest index shows

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House prices in England and Wales increased by 0.9% in April and 5.1% year on year to an average of £179,817, according to the latest index from the Land Registry. But price are still below the peak of the market in November 2007 when prices averaged £181,014. The April data also shows that the London market continues to grow with prices up 2.3% month on month and 10.9% year on year, taking the average price of property in the capital to £474,544. The North East saw the only annual price fall with a decrease of 0.6%. However it is Yorkshire and the Humber which has experienced the greatest monthly price rise with growth of 2.7% while Wales saw the largest monthly decrease with a fall of 1.1%. Overall the number of property transactions has decreased over the last year. From November 2013 to February 2014 there was an average of 73,156 sales per month. In the same months a year later, the figure was 64,196. Government investment in the north of England could be responsible for the boost in some northern regions, according to experts. According to Nicholas Leeming, chairman of national estate agents Jackson-Stops & Staff. ‘London continues to outperform the rest of the country, even though sales levels over £1 million were down year on year in February, probably due to the threat of mansion tax. But increased investment in Yorkshire, Humberside and the evolution of the Northern Powerhouse in Manchester have contributed to a surge in confidence in these areas. Greater Manchester is shaping up to be a great place to invest as major London companies continue to establish a presence in the City,’ he explained. Continue reading →

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