The latest Land Registry House Price Index shows a small rise in house prices over the past month.
According to the monthly survey, house prices rose by 0.3% in November, taking the annual rise, after falls in previous months, to 0.9%.
The small rise takes the average house price to £161,490.
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The results from the Land Registry always take longer to compile than other surveys. This is because the Land Registry figures are based on residential sales in England and Wales, whereas surveys from the Halifax and Nationwide, the UK’s largest mortgage lenders, are based only on their own customers.
The Land Registry figures are moderately different to those reported for November by the Halifax and Nationwide, both of which showed a slight fall in the value of the average home over the same 12 month period.
Whilst it’s clear that house prices currently have no clear direction, it is also apparent that any movement in prices, either up or down, is far from significant, with most experts predicting little change in this pattern as we head into 2013.
Regional variations
The Land Registry survey always helps to highlight the regional variations, often masked by the headlines.
For example, in November the most expensive home was sold for £17 million, whilst the cheapest went for just £10,000.
In terms of house prices, London has unsurprisingly seen the largest increase, with prices up in the capital by 5.9% over the past year, taking the average property value to £362,592.
In November however, the North East surprisingly saw the largest monthly increase, with a rise of 2.4%, although this arguably positive news was somewhat dented by the fact that prices in the region actually fell by 2.9% over the past year.
More information about the latest figures from the Land Registry can be found by clicking here.
