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Land Registry - London leads house price growthProperty article last modified: 31/05/2007In April, London house prices increases at more than double the rate of the next closest region, rising 1.3 per cent over the month compared with a 1.1 per cent increase for Wales.  London's annual house price growth is also well ahead of the rest of England and Wales' regions, at 15.6 per cent compared with the south-east's annual inflation of 9.6 per cent. By contrast house price in the east Midlands have risen six per cent over the same 12 month period. However, house prices in four regions fell in April, with Yorkshire and the Humber experiencing the largest fall at 1.1 per cent, followed by the north-west (down 0.5 per cent), the south-west (down 0.3 per cent), and the north-east (0.2 per cent). House prices in the West Midlands stayed level. "The April data shows the current rate of increase for London house prices is over six per cent per annum greater than that of England and Wales as a whole," the Land Registry noted. "This is the largest divergence in the last two years, when London lagged behind the rest of the country by approximately six per cent. "The divide in annual growth between London and England & Wales has averaged 3.6 per cent over the last six months. The average price for Greater London in April 2007 stands at £333,785 whereas the average price for England and Wales is £179,935." "The Land Registry figures are yet another reminder that the housing market was slowing, even before the latest rate rise," commented Nicholas Leeming, director of Propertyfinder.com. "In some regions, house prices are actually falling – the moderate 0.6 per cent growth from March to April was buoyed by prices in London and the south-east. "Since April the market has had to contend with another rate rise, as well as the surge in supply prior to the Hips [home information packs] debacle. May has seen a series of hurdles for an already flagging market. It is quite clear that the housing market has already responded to higher interest rates." UK Property News archiveTwo new properties soon to be completed ... full story » Farms for sale are in short supply... ... full story » Despite its reputation for prestige properties ... full story » Top end properties remain hot despite the market ... full story » Finding opportunities to purchase in St George's Hill ... full story » Pearce Avenue sets a record for Poole property prices ... full story » Elite breaks the £200 million barrier in Oxfordshire property ... full story » Competition for Oxfordshire's million pound houses heats up ... full story » More than 2000 streets have homes costing ... full story » Steve Atkins former head of Premier Mortgage Service ... full story » Where is the fourth most expensive place to live on the planet? ... full story » Many analyse the property market ... full story » Millionaire finds dream country house ... full story » Prime UK country property still in demand. ... full story » Waterside property search on the increase... ... full story » Can £70m buy you taste? ... full story » New research has found that the country house market ... full story » The best properties in Central London have risen by as much as a third in ... full story » A neglected pile has just been sold for £42m ... full story » According to recent Research one in every 223 properties ... full story » Nationwide's figures for May saw house price inflation slowing ... full story » Bristol is the UK's favourite property hunting location ... full story » House prices in England and Wales were up by 0.6 per cent in April driven by large increases in London the Land Registry reveals today. ... full story » UK house prices rose 1.1% between February and March according to the Department for Communities and Local Government (DCLG). ... full story » |
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