Financial News

  • 29 July 2014, 10:10

Govt Figures: Property Price Freeze In June

The average price of a home in England and Wales remained flat in June compared to the previous month, according to Land Registry figures.

There was no change month-on-month when the average was taken across all regions.

The Land Registry said the biggest regional rise in June was in the West Midlands - up 1.9% - while the largest fall was in Yorkshire and the Humber where the figure dropped 1.3%.

The potential London property bubble has also apparently been stopped, with the capital only recording a 0.1% price increase during June.

Average property prices across England and Wales are 6.4% higher than a year ago, which has taken typical home values to £172,011.

Despite the June cooling for the capital, the Land Registry said that the average property in London was up 16.4% in the last year.

The data also shows the construction boom continues in the residential sector.

The report said that during April the number of completed house sales in England and Wales increased 29% to 66,659, compared with 51,022 in April 2013.

The report by the Land Registry also found that the number of properties sold in England and Wales for more than £1m in April increased by 39% to 1,028 - from 740 in April last year.

The data comes as a survey by mortgage lender Halifax found that 70% of British adults predict the average UK house price will rise over the next year.

The number of people who said rising property prices will be a barrier to buying rose by 6 points to 35%.

The Land Registry data supports recently released statistics from the Office for National Statistics (ONS) on London.

In early July the ONS said that property prices in London rose 20.1% in the 12 months to May to £492,000, compared with a rise of 7.3% across the rest of England and Wales.

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