Land Registry House Price Index: House prices on the rise

Posted on March 28th, 2013 | Categories - News

Land Registry House Price IndexThe latest data from the Land Registry has shown house prices are continuing to rise.

According to the Land Registry, which is generally considered to provide the most accurate housing data, prices rose by 0.20% in February and are 1% higher than this time last year, taking the value of the average home to £162,606.

Unsurprisingly the London property market saw the largest rise over the past 12 months, with prices increasing by an average of 6.3%; although Wales saw the sharpest monthly increase of 3.6%.

The Land Registry figures for February are broadly in line with the other two major house price surveys from the Halifax and Nationwide. However, the reported 12 month rise of 1% sits in the middle of the figures from the Halifax and Nationwide who respectively reported a 1.9% rise and a 1.1% fall.

The figures also show that 49,300 properties were registered in February, the most expensive for a staggering £20.4 million, whilst the cheapest changed hands for just £8,000.

Repossession rates fall

The survey also contained encouraging news concerning repossessions.

According to the Land Registry the number of homes which were repossessed in England and Wales in December, the latest month figures are available for, fell by 26% compared to the same time last year.

Only London saw an increase in repossessions with a rise of 3% over the past 12 months.

Experts believe that the falling rate of repossessions is due to a number of factors, including the improving economic climate, falling unemployment, the forbearance and patience of mortgage lenders and of course, on-going low interest rates.