Posted on December 31st, 2013 | Categories - News
The latest figures from the Land Registry show house prices are still rising, but far more slowly than is suggested by other surveys.
According to the Land Registry, which analyses all homes bought and sold in England and Wales, prices rose by just 0.10% in November and are up by 3.25% over the past year.
London saw the largest monthly change with a rise of 1.80% in November, whilst the South West, East Midlands and the East, all saw prices fall slightly.
Annually, London again saw the strongest rate of growth with an increase of 10.6%. The South East was the second fastest growing region, but growth was less than a third of that seen in the capital, at just 3.50%. Only the North East saw prices fall over the past month.
The value of the average home is now £165,411.
The Land Registry figures are at odds with those from the Halifax and Nationwide, both leading mortgage lenders who produce their own monthly house price data.
According to the Halifax, house prices rose by 1.10% in November, whilst the Nationwide put the rise at 0.60%, both significantly higher than the 0.10% increase recorded by the Land Registry.
The annual figures show an even greater difference, with the Nationwide and Halifax reporting increases of 6.50% and 7.70% respectively, more than double the Land Registry’s figure.
Although the Land Registry’s figures show far slower growth, it is clear that market activity is picking up. From June to September there was an average of 70,021 sales per month, up from 59,228 in the same period last year.