Land Registry House Price Index: House prices continue to rise

Posted on October 29th, 2013 | Categories - News

Land Registry House Price IndexThe latest figures from the Land Registry show house prices continue to rise in nearly every part of the UK last month.

The data shows house prices rose by 1.5% in September, a faster increase than that reported by either the Nationwide or Halifax; who produce the other main house price indices.

Unusually the North East saw the largest rise, with house prices increasing by 2.7% over the past month.

The Land Registry figures also show that over the past year house prices have risen by 3.4%, with every region of the UK seeing a rise except Wales, where prices have fallen by 1.7%. London has seen the highest price rise with an increase of 9.3% over the past year.

The annual rise reported by the Land Registry is well below the 6.2% and 5% increases reported by the Halifax and Nationwide.

According to the Land Registry the average house price in the UK now stands at £167,063, again below the level given by the other two house price surveys.

Repossessions falling

The Land Registry data also shows a 28% drop in the number of repossessions.

In July 2013, the latest month for which data is available, 1,187 homes we repossessed by mortgage lenders, down from 1,645 in the same month last year. The North East saw the largest fall in repossessions, down 56% on the same time last year.

Most experts believe the fall in repossessions is down to the improving economy, falling unemployment, and continuing low interest rates. However, others are quick to warn that any increase to interest rates could push repossession rates higher, especially if buyers stretch themselves to buy a more expensive home following recent price rises.