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Land Registry: House prices up 0.2%

Land Registry: House prices up 0.2%

Friday, 28 September 2007 12:00 AM

House prices in England and Wales increased by 0.2 per cent in August according to research released today.

The average house price now stands at £182,914 according to the Land Registry.

However, London experience significantly larger growth, with prices increasing 1.5 per cent in the last month.

The average property price in the capital is now £348,838.

There were monthly falls in five regions of England and Wales, including the north-east and Wales, which saw prices fall by 0.9 and 0.4 per cent respectively.

The annual rate of growth across England and Wales was recorded as 9.4 per cent according to Land Registry. However, significant regional variations were observed.

While annual prices were up 16.1 per cent in London, growth of only 5.1 and 5.6 per cent was recorded in the north-east and East Midlands respectively.

The cheapest prices across England and Wales can still be found in north-east, where the average property costs just £128,758 - over £50,000 cheaper than the national average.

In terms of property type, flats saw the fastest increases in price, adding 10.5 per cent to their value in a year.

The average flat now costs £172,948.

Terraced houses saw 9.8 per cent growth in value along with semi-detached properties which were up of 8.5 per cent.

Average terraced and semi-detached houses now cost £142,978 and £171,330 respectively.