Property values add £9k in a year to surpass November 2007 peak as ‘drought of sellers’ pushes up house prices
Property prices In England and Wales have risen 5.4 per cent in the last year to reach £181,619 on average, latest figures from the Land Registry show. The £9,252 boost in values means the index has overtaken the previous peak of £180,983 set in November 2007.
On a monthly basis, prices nudged up 1.1 per cent in June compared to May. The annual growth figure is also higher than the previous index, indicating prices are rising faster than May – when the general election slowed the market. Regionally, the North East saw the biggest monthly percentage change in prices, the figures show, with values up three per cent to reach £102,064.
London once again recorded the strongest annual growth, with values surging 9.2 per cent to reach £481,820. In terms of individual towns and cities, the largest percentage annual growth has been seen in the Welsh town of Merthyr Tydfil, with prices up 15 per cent, albeit to a lowly £73,215. Halton, an area in Cheshire, saw the biggest annual fall, with values crashing 8.2 per cent to hit £93,746.
The Land Registry data is based on completed sales figures and generally lags other house price measures by a month.
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