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Annual house prices fail to outstrip pre-crisis levels

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  • 26/06/2015
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Annual house prices are still yet to surpass those seen prior to the recession and remained stable between April and May, statistics have shown.

May 2015 market trend data published by the Land Registry revealed the average property value totalled £179,696 in May. This compared with the peak of £180,990 in November 2007, an annual price increase of 4.6%.

Regionally, London and the South East saw house prices rise the most over the last 12 months, both increasing 9.1%. This brought the average house price total to £475,961 in London and £246,552 in the South East.

Wales was the only part of the UK to see house prices drop annually, with a decrease of 0.6%, and the largest monthly price decrease of 1.7%, taking the average price in May to £116,377.

On a monthly basis, the East and North East experienced the greatest climb in house prices, both with a movement of 1.6%. House prices in the East stood at £204,890 and £100,295 in the North East in May.

Broken down by county, the Land Registry’s data showed that Reading enjoyed the greatest annual house price increase in May with a movement of 13.3%, taking the average property price to £239,099. Newham in east London was the borough with the highest annual price rise of 17.5%, costing buyers an average of £301,368.

Sales volumes dropped in the months from December 2014 to March 2015, averaging 61,789, compared to 69,282 compared to the same period a year earlier. However, with sales volume figures for April and May not yet complete and excluded from the report, the Land Registry said this was likely to result in increases to the reported sales volumes over time.

Ben Thompson, managing director, estateagent4me.co.uk, said it was important to take note that the Land Registry figures were representative of trends that happened in the market “quite some time ago”.

“With the dynamic pace of the housing industry at the moment, these figures quickly become out of date. When it comes to selling your home, it is paramount that consumers have the most up to date market data. This allows them to make an informed decision, and in turn, hopefully get the best result for them.

“Our latest Estate Agent Performance Index highlighted that on average, house sellers across England and Wales could have received an additional £27,456 for their property had they had the relevant information and chosen the best performing agent for them.”

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