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April house price rise pushes market close to 2007 peak – Land Registry

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  • 01/06/2015
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April house price rise pushes market close to 2007 peak – Land Registry
House prices in England and Wales approached the November 2007 peak with an annual increase in April of 5.1% taking the average price to £179,817, Land Registry figures show.

During the height of the 2007 market average house prices climbed to £181,014.

Month-on-month house prices rose by 0.9% in April.

London property prices grew by 10.9% over the last 12 months while property owners in the North East saw the only fall in house prices with a decline of 0.6%.

Monthly increases were greatest in Yorkshire and The Humber with a 1.7% rise in values while the Welsh housing market suffered the greatest monthly fall of 1.1%.

Land Registry data on house sales showed a 17% decline in the number of homes sold in February compared to February 2014 when 64,994 homes were sold.

Sales of properties priced at over £1m fell by 18% to 722 from 882 year-on-year in February.

Jonathan Hopper, managing director of the buying agents Garrington Property Finders, said: “The political uncertainty and the potential reforms that buyers faced led thousands – especially those at the top end of the market – to hold off on their purchases.

“But while it’s no surprise that these Land Registry figures show the number of transactions were down, it is encouraging to see how well prices held up in April.”

Hopper said that the surge of activity seen since the May election should see some strong transaction numbers begin to filter through.

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