Member Article

House Prices continue to show regional variations

House prices rose slightly across England and Wales in May, although the market was still defined by significant regional variations.

According to the Land Registry, home values increased in value by an average of 0.5% in comparison with April, 0.4% higher than the same period a year ago. Despite this overall increase house prices were found to have dropped in six English regions.

The average UK house price has now been valued at £161,677.

Independent buying agent Gabby Adler said: “What is consistent across the country is that the volume of transactions is well below what we were seeing at the height of the market.

In May 54,000 residential property sales were logged, with prices ranging from £10,000 to £28 million.

London continues to surge ahead of other parts of England and Wales in terms of house price rises, increasing by 7.7% in the year to the end of May, taking the price of a typical home to £365,359.

Prices also rose in the Southeast and East of England, by 1.7% and 1.6% respectively, while all other areas registered house price falls.

The number of completed house sales in England and Wales increased by 25% in March 2012 in comparison with the previous year, driven by an increase in the number of properties sold between £150,000 and £250,000 ahead of the end of the stamp duty concession for first time buyers.

This was posted in Bdaily's Members' News section by Ruth Mitchell .