Do the Land Registry Figures show London is losing ground?

Land RegistryThe Land Registry’s March HPI has just been released this week and shows a small fall in the average house price – in reality just demonstrating a flat market.

The headline announcements are:

  • march house prices down 0.6 per cent since February
  • average house price in England and Wales now £160,372
  • South East tops the table of regional applications with 271,010 in March
  • Over 55,000 residential property sale prices in England and Wales lodged for registration in March

Although announced later than most of the other House Price Indices, the Land Registry is touted as being the most accurate independent release. This is partly due to it covered figures as recorded with the land registry and it’s coverage across the nation.

Regional Divide Continues
Yet again the region in England and Wales which experienced the highest increase in its average property value over the last 12 months was London with a movement of 0.7 per cent.

However London did report a negative change over the month of March, down -1.8%, one of the largest falls in the regional charts.

The North East experienced the greatest monthly rise with a massive movement of 5.6 per cent, leaving the average price at £101,676.

Wales experienced the greatest annual price fall with a decrease of 5.5 per cent and the most significant monthly price fall with a decrease of 4.1 per cent.

Sales Volumes

The most up-to-date figures available show that, during January 2012, the number of completed house sales in England and Wales increased by 13 per cent to 42,511 compared to 37,584 in January 2011.

The number of properties sold in England and Wales for over £1 million in January 2012 decreased by 6 per cent to 467 from 497 in January 2011.

Alec Hanson

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