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Londoners see house prices soar 5%

House prices in England and Wales fell 0.3% in April, but shot up 5.1% in the capital.

 
Londoners see house prices soar 5%

House prices in England and Wales fell 0.3% in April, according to new official figures.

This brings the average property price to £160,417.

Region Monthly change Annual change Average price
London 5.10% 5.10% £360,721
South West 2.00% 0.50% £174,261
South East 0.10% 0.40% £206,816
East 0.10% 0.50% £173,357
Wales -0.10% -4.60% £114,762
England & Wales -0.30% -1.00% £160,417
East Midlands -0.30% -1.10% £123,429
North West -1.30% -3.20% £110,954
North East -2.10% -3.30% £101,034
Yorkshire & The Humber 0.60% -5.60% £115,783
West Midlands -2.70% -4.10% £126,527

Source: Land Registry

London saw both the steepest monthly and annual rise in prices – up 5.1% in both cases, according to the Land Registry figures.

With a fall of 5.6%, Yorkshire & The Humber experienced the greatest annual price fall. Overall, prices are down 1% in England and Wales compared to the same period last year. 

The number of properties sold in England and Wales, meanwhile, increased by 9% to 43,331 in February – which are the most up-to-date figures. Sales of properties worth over £1 million, on the other hand, dropped some 3% to 462.

Yesterday figures from Hometrack revealed that house prices rose 0.2% on the strength of the London market. Outside of the capital, only the South East and East Anglia saw modest price rises of 0.1%.

8 comments so far. Why not have your say?

MC

May 29, 2012 at 12:08

Its the new paradigm! The country is in recession, the Eurozone is in crisis and the Banks are broke but London house prices just keep going!

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MC

May 29, 2012 at 12:21

Makes you wonder how reliable these figures are. The average house price reported 1st May 2012 (March) was £160,372 (index 257.3) but today it is 160,417 (257.5) (for April) prices rose by +0.028% and did not fall by the -0.3% they claim?

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Luckycontrarian

May 29, 2012 at 12:23

Also slightly misleading - London property is split into super prime, prime and everything else and I'm fairly confident that the prime property is generating the gains thanks to all those Greeks, French, Russians, Middle Eastern and American folk buying. More interesting is the South West stat, I suspect that although a seasonal bounce as we move into summer it looks like sentiment is changing. Has anyone done analysis on listed residential real estate to look at trends? Savills etc? I would be interested to read if so...

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Dennis .

May 29, 2012 at 12:40

I live in a Dorset coastal village that you would expect to be quite desireable, however there are houses here that have been on the market for 5 years or more. In can't remember the last time I saw a "Sold" sign. Where do these numbers come from?

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Redundant (Old Timer?)

May 29, 2012 at 13:46

Dennis - East or West Dorset? I am looking to move next year to a costal village.

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Dennis .

May 29, 2012 at 14:24

East (ish) However, there are too many retirees/second homers here already, schools struggling, post offices closing, village shops closing, no buses, no gas, no electricity if wind brings down power lines (happens a lot). Nearest supermarket 20 mile round trip. Doctors miles away. Big problem is when you can't drive anymore. I have lived and worked here for over 32 years (and still don't qualify as a local).

Retiring to a place like this sounds idylic on a sunny day but you need to be aware of the reality of living here all year. If you are used to town life and facilities you might be in for a shock.

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Redundant (Old Timer?)

May 29, 2012 at 15:26

Dennis - Thanks and for the advice. Very helpful. In Berkshire now, so perhaps not as far removed from services as you appear to be. I will certainly bear what you say in mind when I start looking - maybe outskirts of Dorcester.

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John Griffiths

May 29, 2012 at 18:23

Need to understand the unique London markets and the desire of so many to live in and near the capital. Some truth that the figures are driven by top end - but the details are in the stats for all price ranges.

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