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First House price increase for 2009

First House price increase for 2009

According to the land registry, the cost of houses across England and Wales increased on a month-on-month basis for the first time since January 2008.

The results from a survey, which compares the price of homes recently sold with the price paid previously, showed that the average home now costs £153,046 thanks to the 0.1 percent rise last month.

This still puts the value of the average home down 14 percent based on the same month last year, but it said that the figures revealed a "flattening" of prices.

The Land Registry survey said: "This is the first time in well over a year that the monthly change has been positive."

"However, as the monthly increase is only 0.1 percent, the movement does not signal a return to solid growth, but rather flattening prices."

The survey is regarded by many as the most authoritative house price survey, as rather than focussing on mortgage data like many other surveys, its figures come from measuring changes in prices based on completed sales.

The data revealed that up until last month, prices of detached homes in England and Wales fell the least, by 12.2 percent.

The cost of Semi-detached homes were also down 14.3 percent, as well as terraced houses by 14.6 percent, and flats or maisonettes by 14.8 percent.

The average house price in London is now £301,859, compared to £106,424 in the North East.

Throughout June, Middlesbrough saw the lowest annual fall in house prices, down just 7.9 percent, with Luton experiencing the biggest fall, down 23 percent.

David Smith, senior partner at property consultancy Carter Jonas said: "Mathematically speaking, prices rose in June, but in reality they are not so much rising as bottoming out."

Written by Sam Gooch

 

Tuesday, 28 July 2009 16:26
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