House prices up

House prices were up 0.8 per cent month-on-month in July, according to Land Registry’s latest market trend data.

Prices are also up 0.3 per cent year-on-year, with the average house price in England and Wales £162,900.

London saw the largest change, both month-on-month (2.7 per cent) and year-on-year (6.5 per cent). Elsewhere prices in Wales jumped 2.3 per cent from June 2012; however this was 1.3 per cent down on July 2011.

The East Midlands saw a 1.2 per cent increase based on last month’s prices, which was 0.4 per cent up on last year. At the other end of the scale, prices in the North East dropped 2.1 per cent month-on-month and 3.8 per cent year-on-year and the North West saw prices drop 1.7 per cent since June and 3.9 per cent annually.

Land Registry also noted that the number of houses sold for more than £1 million in May 2012 increased by 107 per cent year-on-year, going from 271 to 562.