Latest figures from the Land Registry show house prices continue to show only modest growth.
The Land Registry, which boasts of being the “most accurate independent house price index available”, has revealed house prices rose by 0.4% in April. The year on year figure showed a small rise of 0.7%, significantly lower than the rate of inflation and lower than the other two main house price surveys from the Nationwide and the Halifax.
According to the Land Registry the average home is now worth £161,458, again lower than the figures given in the other two surveys.
There was good news on the repossession front though, as the number of homes being taken back by mortgage lenders fell again in all regions of England and Wales. The latest figures available, for February 2013, show the number of repossessions fell to 1,293, a drop of 28% on the same time last year.
Experts continue to point low interest rates, an improving employment picture and increased forbearance by mortgage lenders.
London leading the way
In common with other surveys, the Land Registry figures show homes in London rose in value at a faster rate than any other region.
During the past 12 months residential properties in the capital have increased in value by 6.2%, in contrast homes, in the North East saw a fall in value of 5.7% over the same period.
House sales decrease
The latest figures available from the Land Registry show that the numbers of house sales have actually fallen. In February 2013 43,573 house sales were completed in England and Wales, down 3% on the same time last year.
Experts though point out that the number of completions in early 2012 was probably pushed artificially higher, due to the imminent end of the government’s stamp duty holiday for first time buyers. However, any fall in completions in March, April and May, could be a worrying sign that the governments various fillips to the housing market are failing to hit home.