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Land Registry: House prices rise 0.4%

Friday, 27 July 2007 12:00 AM

House prices were up by 0.4 per cent in June to reach an average price of £181,039, data out today shows.

The Land Registry finds homes in England and Wales were up by 9.1 per cent in the previous 12 months.

However, five regions experienced falling house prices. Prices of homes in Wales were down by 1.1 per cent in June, followed by the East Midlands (down 0.6 per cent), and the south-west (down 0.5 per cent). Also experiencing falls were the south-east (0.3 per cent) and Yorkshire and the Humber (0.1 per cent).

Once again, London had the highest monthly house price increase, up 1.5 per cent in June, and 15.8 per cent since June 2006. The average London home changed hands for £338,950 in the month.

The next highest rise was in the West Midlands, where prices rose 1.2 per cent, and the north-west, where homes were worth 0.9 per cent more over June.

Manchester was the metropolitan area with the highest house price inflation outside of the capital, registering a rise of 11.7 per cent in the 12 months to June 2007. Manchester house prices remain well below the England and Wales average, at £109,176.

The figures also reveal there have been large increases in the number of properties pushing through the £1 million barrier.

"The number of properties sold in England and Wales for over £1 million increased 28 per cent between April 2006 and April 2007, from 402 to 514," the Land Registry noted.

"The number of properties sold in London for over £1 million increased by 20 per cent between April 2006 and April 2007, from 257 to 308."

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