House prices up 7.7% Year on Year: Land Registry
Mon 01 Dec 2014
Price rise from month to month was only 0.1%
House prices increased by 7.7% year-on-year in October, taking the average property value in England and Wales to 177,377, new data has revealed.
Data from Land Registrys house price index showed prices rose just 0.1% from September to October.
FT Advisor previously reported that the average house price in England and Wales cost 177,299 in September, only 2.2% less than November 2007s peak of 181,324. (http://www.ftadviser.com/2014/10/28/investments/economic-indicators/house-prices-only-off-peak-kigc0AeCY4YGsohj5gM86L/article.html)
Repossession volumes decreased by 42% in August this year to 751, compared with 1,301 in August last year.
London experienced the greatest increase in its average property value over the last 12 months, with a movement of 18.6%, while Wales saw the lowest annual price growth with a movement of 2%
The most up-to-date figures available showed that during August the number of completed house sales in England and Wales increased by 4% to 82,415 compared with 79,587 last August.
The number of properties sold in England and Wales for over 1m in August increased by 15% to 1,363 from 1,185 in August 2013.
The most expensive sale in October was in Holland Park, London, for 19m, while the cheapest sale was in Burnley, Lancashire, for 12,000.
Peter Rollings, chief executive of estate agent Marsh & Parsons, commented that UK house prices are still edging forward, albeit in the shadows of the advances we saw in the first half of the year.
London has considerably outperformed all other regions during the last 12 months, but growth has slowed, and on monthly basis only edged up slightly. In addition, prices are slipping in some of the most expensive areas of the capital, with values in Kensington & Chelsea falling 2.5% over the month to October, as growth tails off more sharply at the top end of the market.
He added: It is safe to say that ears will be pricking during Osbournes Autumn Statement next week, and all parties need to be wary of quashing the intrinsic momentum of the property market.