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Land Registry: Annual house price increase of 5.1 per cent

From Property Talk Live on June 4, 2015

The April data shows an annual price increase of 5.1 per cent which takes the average property value in England and Wales to £179,817 compared with the peak of £181,014 in November 2007. House prices are up 0.9 per cent since March.

The regional data indicates that:

•London experienced the greatest increase in its average property value over the last 12 months with a movement of 10.9 per cent
•Yorkshire and The Humber experienced the greatest monthly rise with a movement of 2.7 per cent
•North East saw the only annual price fall with a decrease of 0.6 per cent
•Wales saw the largest monthly price decrease with a fall of 1.1 per cent

Sales and repossessions during February 2015, the most up-to-date figures available, show that:

•the number of completed house sales in England and Wales decreased by 17 per cent to 54,103 compared with 64,994 in February 2014
•the number of properties sold in England and Wales for over £1 million decreased by 18 per cent to 722 from 882 a year earlier
•repossessions in England and Wales decreased by 37 per cent to 638 compared with 1,016 in February 2014
•in London, South East and Yorkshire and The Humber, repossession sales fell by 45 per cent

Nicholas Leeming, Chairman of national estate agents, Jackson-Stops & Staff said: “London continues to outperform the rest of the country, even though sales levels over £1 million were down year on year in February, probably due to the threat of mansion tax. Newham showed the highest annual rise and Hackney the highest monthly increase which reflects how buyers and investors are increasingly looking East in the capital to find new areas offering value.

“Increased investment in Yorkshire, Humberside and the evolution of the Northern Powerhouse in Manchester have contributed to a surge in confidence in these areas. Greater Manchester is shaping up to be a great place to invest as major London companies continue to establish a presence in the City.”

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Source: Property Talk Live