House prices crept up in May by 0.5% to stand at an average of £161,677 in England and Wales, according to the Land Registry, which says prices were 0.4% up on May last year.
However, the rise has been boosted by London figures. House prices in London rose 2.6% in May over April, and 7.7% over the year, to stand at an average of £365,359.
By contrast, house prices in every other region apart from the South-East are down year on year. The biggest falls are in Yorkshire & The Humber (down 3.9%) and the North-East (down 3.5%). In some places, the falls are even more marked: down 10.5% over the year in north-east Lincolnshire and in Barnsley by 8.4%.
House price rises in the South-East outside London are far more modest than in the capital at 0.5% monthly and 1.7% annually.
The Land Registry also reported a rise in monthly transactions between December 2011 and March this year – the latest period for which it has data. The average monthly sales figure was 52,316 compared with 45,230 for the same period a year earlier.
However, the improved figure of 52,316 was given a huge boost by March’s sales of 58,609 (compared with 46,572 in March last year), when first-time buyers were coming to the end of the Stamp Duty holiday.
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Comments
London isn't booming quite as much as it seems. This Land Reg data includes a sale that went through in London for £28m. An attentive HPCer researched the transaction and discovered that the price was actually £2.8m. The Land Reg has admitted the error and will be revising its data (downwards) in their next update.
Sales of properties over the £2m mark are also down 40% over the last 12 months. Am surprised that news didn't get wider coverage.
10% to 26% of what?
post war economies were accelerating from a low base as half the workers were killed
@ dave
Japan's GDP went from 10.1% to 26.1% after they hosted the olympics in 1964.
Is that relevent?
olympics is just another gravy train....regeneration?lol...after the olympics it will just be another unused sports site imo
at least seb coe will be getting 2-3 mill bonus for the amazing feat of delivering the games on time
i live on welsh borders (english side) We have no roads, no services...you can actually feel the smooth roads when you cross the border and businesses pay no tax....hardly fair to be english unless you live in London
Good to see the olympics being held in london as well. Birmingham,manchester, newcastle didnt need a boost so its good to see politicians looking after the whole population and not just Londoners.....its like we have to countrys in one.