Mortgage News
Land Registry reports house price rise
House prices in England and Wales experienced their strongest monthly increase for five years, according to the latest figures from the Land Registry.
Prices rose by 1.7% – the third consecutive monthly rise in the index – leaving the average property price at £155,885.
All regions experienced a positive monthly change in their average property values. Wales experienced the greatest monthly rise with a movement of 3.1% and an average property value of £123,122.
The region with the most significant annual price fall was the North East with a drop of 13.2%.
Nicholas Leeming, director of Propertyfinder, said house prices were on their way up which was a welcome boost for homeowners.
“Interest from buyers is booming as people look to snap up bargains before prices rise further. But the news is not universally positive. First-time buyers have been tempted by more affordable prices, but lenders’ unwillingness to lend to them has left most powerless to act.”
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He added: “It is crucial that more is done to help first timers get onto the property ladder – or see homeownership out of reach for an entire generation.”