Sunderland Echo: Boost for Housing Market
Fri 04 Jan 2013
The North East recorded the highest monthly house price rise across England and Wales in November, the Land Registry revealed today.
The region saw a 2.4 per cent increase, although ona year-on-year basis it has seen the biggest fall, with a 2.9 oer cent drop taking average prices to 98,304.
Across England and Wales, house prices increased by 0.3 per cent month-on-month in November to reach 161,490, pushing them 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, representing a drop of about seven 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.
But some analysts have predicted that the top end of the London market could cool somewhat in 2013, after a seven per cent stamp duty rate which was placed on homes worth more than 2 million last spring.
Peter Rollings, of estate agent Marsh & Parsons, said: "Rising national house prices will provide cheer for homeowners who have seen their equity dwindle since the intial credit crunch, but the falling number of moves taking place highlights the topsy-turby nature of last year's housing market."