Land Registry reports house price rise
The residential property price report covering the period October – December 2005, showed the average house price in England and Wales was £191,327; an annual increase of 4.60 per cent compared to an annual increase of 11.82 per cent for the same period last year.
Sales in England and Wales were also up by 12.6 per cent, compared with the same period in 2004, with sales in Greater London increasing by 15.01 per cent.
The report compares average prices and volume of sales with those for the same quarter in 2004. It also gives a breakdown of the average sale prices of old and new properties by property type. The figures are taken into account by the Bank of England along with other housing market and economic indicators.
The highlights of the report include:
England and Wales
– The average price increased by 4.60 per cent from £182,920 in 2004 to £191,327 for the same period in 2005.
– All economic regions in England and Wales showed an increase in average prices.
– The volume of sales increased by 12.64 per cent from 229,724 in 2004 to 258,763 for the same period in 2005.
– 948 properties over £1 million were sold compared to 765 for the same period in 2004.
– The average property price increased by 4.54 per cent from £276,698 in 2004 to £289,248 for the same period in 2005.
– The volume of sales increased by 15.01 per cent from 28,041 in 2004 to 32,251 for the same period in 2005.
– 521 properties over £1 million were sold compared to 436 for the same period in 2004.