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Land Registry reports house price rise

by: Mortgage Solutions
  • 28/08/2009
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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.”

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.”

 

 

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