Yearly increase comes despite price drops in September and October, with London experiencing the highest rise
House prices in England and Wales increased by 5.2% over the past year taking the average price to £166,769, but prices fell in September, according to the latest figures from the Land Registry, based on official records of property transactions.
All regions in England and Wales experienced increases in their average property values over the past 12 months, with London experiencing the highest annual price rise of 8.8%, taking the average value to £340,344. The lowest annual rise took place in the north-east with an increase of 0.2%.
Prices fell by an average of 0.2% across England and Wales in September, the figures showed, reversing the marginal rise of 0.3% seen in August. Yorkshire and the Humber experienced the greatest monthly rise with an increase of 1.5%, while the West Midlands experienced the most significant fall, of 1.4%.
The most up-to-date figures available from the Land Registry also show that during July 2010, the number of completed house sales in England and Wales rose by 1% to 64,411, from 63,612 in July 2009. The number of £1m properties sold in England and Wales increased by 59% between July 2009 and July 2010, from 563 to 896.
The Land Registry's September figures could be seen as a precursor to today's announcement by Nationwide that house prices fell by an average 0.7% in October – nearly twice as steeply as economists had expected.
According to Nationwide's figures, which are based on the building society's own lending data, October's fall took £2,376 off the value of the average UK home, which now costs £164,381.