London prices up by 7 per cent in 12 months – Land Registry

Land Registry logoThe average house price in England and Wales rose 1pc in January from the previous month, with the average cost of a home in now costing £162,441.

The average house prices in England and Wales also increased by 1pc in the past year, according to figures out by the Land Registry.

However, the survey showed a large disparity between the regions, with the average house price in London up 7.1pc over the past 12 months and up 2.5pc in January from the previous month. The average price of a property in the capital is now £373,207.

The North West saw the biggest decline in house prices over the month and year, down 1.9pc and 4.2pc respectively.

The figures also showed that the number of properties sold over the past year decreased. Between August and November there was on average 58,947 sales a month, down from 61,595 in the same months a year prior.

The latest figures from the Land Registry, released 28 February, also show that there were 1,589 repossessions in England and Wales during November 2012. The only region to see an increase in repossessions is Wales with an annual increase of 21 per cent (November 2012 compared with November 2011).

land-registry chart

Richard Gordon of UKPI commented on the figures: “This is the latest of recently published data that supports the view that the UK housing market is well on the road to recovery. London and the south east continue to lead the way with annual increases of 7.1pc and 2.6pc respectively.

“We are seeing increasing demand and some urgency in purchasing is beginning to return. I said last year that the market was turning a corner and this looks to be continuing. After almost 5 years of stagnation, there is a lot of pent up demand out there and the cork could be about to pop out of the bottle.”

Source: Land Registry

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