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Land Registry: House prices up 4.4pc last year

Ryan Fowler

January 29, 2014

Unsurprisingly London saw the biggest movement over the last 12 months with a movement of 11.2%.

The only region with an annual price fall is the North East which registered a decrease of 0.1%.

David Brown, commercial director of LSL Property Services, said: “House prices haven’t risen this quickly since 2010 – and yet there’s plenty more headroom for further growth.

“The average home is still worth 8% less than it was in November 2007 – a peak that we’re unlikely to come near until the start of next year at least.

“But volumes are another issue. Properties are coming off the shelves faster than new sellers can be found – and that will have consequences in the medium term.

“For some aspiring homeowners getting a foothold in such a competitive marketplace is just as difficult as it was a year ago.

“Economic prospects are improving, and mortgage lending has recovered dramatically – but the resulting stampede is another game entirely.

“Until we can build more homes, much more quickly, this situation won’t change for a large proportion of the population.”

On a monthly basis prices increased by 1.1% with London once again seeing the most significant rise with a 2.6% growth.

Yorkshire and the Humber saw the most significant monthly price fall with a movement of 1.2%.

Brian Murphy, head of lending at Mortgage Advice Bureau, said: “House price recovery has once again been driven by the capital.

“However, greater access to 95% mortgages is arming Londoners with the tools they need to tackle higher prices.

“As a result, we saw average deposits in London fall by 7% in the last three months of last year.

“Homeowners across the UK will be pleased to see house price growth is no longer a one horse race: all regions except the North East have now seen an annual rise in property prices

“Growth is good providing it is measured and controlled. Nationwide’s Index suggests prices will continue to strengthen as 2014 continues.

“With the Bank of England at the helm, we are confident that the housing market will be steered towards a sustainable recovery, injecting life back into the UK economy.”


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