Good news for home owners, Land Registry have stated that the annual price change now stands at 1.7%, bringing the average house price in England and Wales to £162,080.
Considered a reliable source of information as it’s the only organisation to register property sales in England and Wales, Land Registry has released data which provides an informative insight into the property marketing in 2012.
With the world’s largest property database of over 23 million titles, Land Registry is perfect position to provide accurate information about trends and property price changes.
December data shows a 0.8% monthly price increase, with London showing the highest monthly increase of 3.1%. Overall this represents an 8.4% annual increase, which is considerably higher than other regions.
The average price of a London property now stands at £371,223 – far greater than the average for England and Wales of £162,080.
Greater London also experience a strong monthly growth with a 3.1% increase recorded in December.
However not all UK regions saw property price increases in 2012. The North West recorded the largest annual price decrease with property prices 3.5% below what was recorded in the same period in 2011. Monthly price increases also saw a significant 0.9% decrease.
Despite the increase an overall rise in the price of the average property, the Land Registry stated that, ‘The number of property transactions has decreased over the last year. From July to October 2011 there was an average of 62,073 sales per month. In the same months a year later, the figure was 57,661’.
Based on surveys on their own mortgage approvals, earlier this month, the Halifax stated that UK house prices fell by 0.3% in 2012 and Nationwide recorded a 1% decrease. Land Registry provide far more accurate information as their report is based on actual property sales in England and Wales.
For more information, visit the Land Registry’s website. http://www.landregistry.gov.uk/home