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House sales up by nearly 40%

Tuesday, 9 May 2006 12:00 AM

Sales of homes in England and Wales are nearly 40 per cent up on the same time last year, figures published today show.

The figures from Land Registry, which records the sale of every property in the England and Wales, confirmed the strong start to 2006 enjoyed by the property market.

It reveals a large increase in sales of million-pound properties, and a five per cent rise in the average house price - pushing it over £190,000.

In the first three months of the year, sales of homes in England and Wales increased by 38 per cent compared with the first three months of 2005.

House price growth on an annualised basis was lower than at this time last year - five per cent compared to ten per cent - but this was enough to take the average house price to £192,745.

The number of properties sold for more than £1 million increased to 1,032 between January and March 2006, compared to 655 in the same period last year.

The majority of these properties - 652 - were in London, which led the UK with a 41 per cent increase in sales.

The price of an average property in London rose by more than six per cent to £306,661.

But it was the north of England that saw the biggest increase in house prices - eight per cent - compared to last year, followed by the north-west, Yorkshire & Humber and Wales.

Prices in all regions of England and Wales saw prices grow over the year, but in the East Midlands they only grew by 0.68 per cent and in the south-west only by one per cent.

House prices by region

Region Current price Price 12 months ago Change
England & Wales £192,745 £183,486 5.1%
The north £129,332 £119,581 8.2%
North-west £137,503 £127,754 7.6%
Yorkshire & The Humber £139,967 £130,328 7.4%
Wales £142,121 £133,630 6.4%
London £306,661 £288,507 6.3%
West Midlands £158,343 £151,537 4.5%
South-east £228,762 £221,055 3.5%
East Anglia £175,036 £172,075 1.7%
South-west £198,952 £196,819 1.1%
East Midlands £150,502 £149,487 0.7%

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