Land Registry House Price Index: Prices static in May

Posted on June 28th, 2013 | Categories - News

Land Registry House Price IndexThe latest figures from the Land Registry show house prices remained static in May, rising by just 0.1%.

The small rise takes the value of the average home in England and Wales to £161,969, following a 0.5% increase over the past 12 months.

The Land Registry is generally regarded as the most comprehensive house price survey. The latest publication reveals 56,800 homes were sold in May, with the cheapest going for just £10,000 whilst the most expensive was sold for a whopping £27 million.

As always the headlines mask regional variations.

During May the East Midlands saw the largest rise in house prices, with an increase of 2%, knocking London off the top spot for once.

However, over the past 12 months the capital has seen the largest rise, with price increases of 5%.

Repossessions fall

The Land Registry also reported that repossessions are down by 27% in March, the latest month for which figures are available.

A combination of low interest rates, rising employment and greater forbearance by mortgage lenders have combined to push the rate of repossessions down over the past 12 months.