Residential property prices increase by 0.8% say Land Registry
Property prices across England and Wales grew by an average of 0.8% in July 2012 to stand at £162,900 (GBP), the Land Registry has reported.
Meanwhile, Nationwide reported that residential property prices shot up by 1.3% in August 2012.
Although the uplift sounds sizeable, it translates into a £340 (GBP) difference between July’s average price of £164,389 (GBP) and August’s £164,729 (GBP).
The data from the Land Registry means that UK residential property prices are now just 0.3% ahead of where they were in July 2011.
But the UK statistics were boosted by a monthly price rise of 2.7% in London, bringing annual house price inflation in the capital to 6.5%. The average house price in London now stands at £367,785 (GBP).
In Wales residential property prices also went up 2.3% during July, and there were also rises in East Midlands (1.2%) and theSouth-East and East (both 0.4%).
Contrastingly, property values fell by 0.1% in Yorkshire & the Humber , 0.6% in the South-West , 1.7% in the North-West and 2.1% in the North-East during July.
The Land Registry’s latest data also shows an increase in property sales transactions. From February to May 2012, there was an average of 49,343 sales a month, up from 46,531 for the same period in 2010.
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