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March house prices up 5.6% – Land Registry

  • 30/04/2014
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March house prices up 5.6% – Land Registry
House prices rose by 5.6% in the year to March according to data released by the Land Registry.

These figures were buoyed by a 12.4% rise in the value of London properties during the past 12 months.

By contrast Wales experienced an annual price fall of 1.6% during the same period.

Month-on-month prices in England and Wales dropped back 0.9% although regions such as the East of England and North East saw gains on February’s figures (both 1.1%).

The average house price in England and Wales now stands at £169,124, this compares with the peak of £181,618 in November 2007.

Flats and maisonettes were the property type which saw the biggest rise in property prices year-on-year, rising 8.1% to reach £163,168.

A total of 979 repossessions were conducted in England and Wales during January 2014, the most recent figures available.

Nicholas Ayre, managing director of home buying agency Home Fusion, said: “With London house prices up 12.4% in the year to March, according to the Land Registry, the capital’s housing market doesn’t appear to be slowing down anytime soon.

“While parts of the country are starting to see a slowdown in price rises, with Wales witnessing a significant fall month-on-month, the capital defies the odds. Pressure to buy is still considerable with many buyers competing via open houses and sealed bids for a limited amount of stock.

“The increased availability of mortgage finance at higher loan-to-values is finally making it possible for many frustrated first-time buyers to take a step onto the ladder. The real challenge is finding a property you can afford to buy and being able to secure it in the face of stiff competition before prices move higher still.”

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