Metro: House Prices rise across England and Wales
Wed 02 Jan 2013
House prices rose by 0.3 per cent month-on-month in November to reach 161,490 across England and Wales.
House prices rose in November, according to the Land Registry. It pushed prices 0.9 per cent higher than a year earlier, the Land Registry said. But sales were more sluggish, with 57,971 transactions taking place between June and September 2012, which was a fall of around 7 per cent on the same period in 2011.
London recorded the strongest year-on-year house price increase in November, with a 5.9 per cent rise taking typical prices to 362,592. Prices also rose at an above-average rate in London on a month-on-month basis, recording a 0.5 per cent increase. Distractions such as the Olympics have been blamed for disrupting the housing market last summer. The North East recorded the highest monthly house price rise across England and Wales in November, with a 2.4 per cent increase, although on a year-on-year basis the region has also seen the biggest fall, with a 2.9 per cent drop taking average prices to 98,304.
Wales was the region with the biggest monthly house price fall in November, with a 1.6 per cent drop taking average prices to 115,202. Prices were 0.9 per cent lower in Wales than they were a year ago. Peter Rollings, CEO of estate agent Marsh & Parsons, said: Even as late as September, the market was struggling to come to terms with distractions earlier in the summer, which hampered the number of buyers in a position to finalise moves in the month. But recent improvements in mortgage lending, combined with rising national house prices point towards a more positive end to the year and start to 2013. The latest Land Registry figures showed that sales of homes worth more than 2 million were down by 26 per cent year-on-year in September. The vast majority of these transactions took place in London.