Date Published 03 December 2012
The October data from Land Registry`s flagship House Price Index shows an annual price increase of 1.1 per cent which takes the average property value in England and Wales to £161,605.
The monthly change from September to October is a decrease of 0.3 per cent.
- The region in England and Wales which experienced the greatest increase in its average property value over the last 12 months is London with a movement of 7.0 per cent.
- Wales experienced the greatest monthly rise with an increase of 1.5 per cent.
- The North East experienced the greatest annual price fall with a decrease of 5.8 per cent.
- The North East also saw the most significant monthly price fall with a decrease of 4.2 per cent.
- The most up-to-date figures available show that during August 2012, the number of completed house sales in England and Wales decreased by 3 per cent to 62,291 compared with 64,417 in August 2011.
- The number of properties sold in England and Wales for over £1 million in August 2012 increased by 12 per cent to 843 from 753 in August 2011.
David Newnes, director of LSL Property Services, owners of Your Move and Reeds Rains, comments:
`House prices are still rising annually, pointing to relative stability in the property market - despite the limitations placed on first-time buyer activity by historically tight lending criteria. Cash buyers continue to play a pivotal role, and the good news is that we’re starting to see signs of a slight improvement in mortgage lending as a result of the Funding for Lending Scheme, which should provide additional momentum in coming months.
"However, the reality is that capital adequacy requirements are preventing lenders from giving the first-time buyer market the disproportionate push it needs. The higher the LTV, the more funds lenders must allocate, and this is still deterring lenders from committing substantial funds from the Funding for Lending Scheme to the lowest tier of the housing market, and unleashing the thousands of frustrated buyers currently dependent on rental accommodation.`