Housing: House prices rise in May

Posted on July 3rd, 2012 | Categories - News

The latest house prices survey, this time from the Land Registry, has shown that house prices rose in May by 0.5%.

May’s increase takes the annual rise to 0.4% according to the Land Registry, which is often seen as the most accurate of all house price surveys.

The average home in England & Wales is now worth £161,677.

Regional differences

The latest figures from the Land Registry reveal marked regional differences with London seeing a sharp rise in house prices over the past year, whilst six areas saw falls.

The table (below) shows how your region fared during the past year.

Region Annual change Average House Price
London Up 7.7% £365, 359
South East Up 1.7% £208,720
East Up 1.6% £174, 226
South West Down 0.2% £172, 437
West Midlands Down 1.2% £129, 827
East Midlands Down 1.6% £122,858
Wales Down 2% £115, 299
North West Down 2.8% £110, 047
North East Down 3.5% £99, 492
Yorkshire & the Humber Down 3.9% £117, 371

Volumes

The number of house sales is still down significantly from the height of the housing boom with the Land Registry reporting 54,000 house sales during May.

The most expensive home sold for a massive £18.5 million, with the cheapest going for just £10,000.