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House prices up 1% in July – Land Registry

Tahmina Mannan
Written By:
Tahmina Mannan
Posted:
Updated:
29/08/2013

House prices rose by 1% in July, with the average property in England and Wales now £164,000, according to the Land Registry.

London topped the table for the greatest increase in average property value, with a rise of 6.3% over the past 12 months.

Both London and the Midlands experienced the greatest monthly rise with a movement of 2.1%.

Wales experienced the greatest fall in house prices with a decrease of 2.2% in the region.

The North East also saw the most significant monthly price fall with a decrease of 0.5%.

Repossession volumes in general decreased by 23% in May 2013 to 1,365 compared with 1,765 in May 2012.

The most up-to-date figures available show that during May 2013, the number of completed house sales in England and Wales increased by 19% to 62,651 compared with 52,516 in May 2012.

The number of properties sold in England and Wales for over £1m in May 2013 increased by 28% to 740 from 576 in May 2012.

This comes as another report out this week predicted that the average price of a two-bed flat in Prime London could reach £1m by next spring.

Two-bed properties in Prime London have grown in value by 14% in the course of the last year to hit an average of £909,203, according to research conducted by Marsh & Parsons.

If this trend continues, the estate agent calculates that these homes will break the £1m barrier by next March.