News Guardian: House prices up 2.4% in North East
Wed 02 Jan 2013
House prices up 2.4% in North East
The North East recorded the highest monthly house price rise across England and Wales in November, the Land Registry has revealed.
The region enjoyed a 2.4% increase during the month, although on a year-on-year basis it has also seen the biggest fall, with a 2.9% drop taking average prices to 98,304.
Across England and Wales, house prices increased by 0.3% month-on-month in November to reach 161,490, pushing them 0.9% 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, representing a drop of around 7% on the same period in 2011.
Continuing a long-running theme, London recorded the strongest year-on-year house price increase in November, with a 5.9% 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% increase.
But some analysts have predicted that the top end of the London market could cool down slightly in 2013, following a 7% stamp duty rate which was placed on homes worth over 2 million last spring.
Peter Rollings, CEO of estate agent Marsh & Parsons, said: "Rising national house prices will provide cheer for homeowners who have seen their equity dwindle since the initial credit crunch, but the falling number of moves taking place highlights the topsy-turvy nature of last year's housing market.
"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 2.