Land Registry: growth remains firmly positive

Land Registry: growth remains firmly positive

Wednesday, January 03, 2007

The rise in house prices eased off towards the end of the year, according to the Land Registry for England and Wales.

House prices in England and Wales have continued to rise steadily, said the government agency. This month’s data shows an overall monthly increase of 0.6% and an annual increase of 6.8%.

This increase means that the average property price is now £172,006.

The Land Registry said a monthly dip in prices in London and the northern regions of Yorkshire and the Humber dragged on the overall index.

After robust growth in September and October, the November monthly growth rate reflects a calmer market. However, the growth rate remains firmly positive. The November monthly growth rate of 0.6% is approximately twice the size of the average monthly growth in 2005.

After six months of outperforming the rest of the country, house price growth in London has shown a slight weakening. Nevertheless, London prices have increased more than England and Wales over the last 12 months.

London’s annual growth this month is 7.8% compared with the 6.8% increase of England and Wales as a whole.

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