The latest house price data from the Land Registry shows house prices remained almost unchanged in March, but continue to rise, albeit it slowly, year on year.
The Land Registry’s House Price Index shows a small rise of 0.10% in March, taking the average house price in England and Wales to £161,793.
The small increase is broadly in line with figures from the other two major house price surveys; the Halifax showed a 0.20% increase in March, whilst the Nationwide reported no change in prices.
The Land Registry figures also showed a 0.90% year on year rise, again in line with the Halifax and Nationwide who reported increases of 1.10% and 0.80%.
During March 47,600 properties were sold, ranging in value from £14,000 to £12.5 million.
Interestingly, despite some of the record low mortgage deals the number of properties sold in January was down by 5% compared to the same time last year.
Regional house price differences
The headlines though mask huge regional differences.
Whilst house prices may have only risen by 0.90% overall during the past year, the London market has been booming, with a massive 9.6% year on year increase.
However, other areas fared less well, with the North West showing the largest fall of 5.5% over the past year.
Whilst house prices are rising slowly, repossession rates are falling quickly.
According to the Land Registry there were 1,317 repossessions in England and Wales during January, down 18% on the same time last year. London and Wales were the only areas to see an increase in the number of repossessions.
The rate of repossessions has continued to fall for some months now, with most experts putting the decrease down to low interest rates, falling unemployment and a greater degree of patience and understanding from mortgage lenders.