Land Registry House Price Index: Prices leap in March


Land Registry House Price IndexThe latest figures from the Land Registry show house prices rose sharply in April.

According to data released today by the Land Registry, house prices in England and Wales rose by 1.5% in April and are now 6.7% higher than the same time last year.

The Land Registry figures differ from those produced by the Halifax and Nationwide. According to the Halifax, house prices actually fell in April by 0.2%, whilst the Nationwide put the rise at 1.2%; 0.3% lower than the Land Registry.

Unsurprisingly, property in London has seen the sharpest increase in value over the past 12 months, rising by 17%. At the same time the North East has seen the lowest rise, of just 2.9%; indeed this area saw the only price fall last month, with a reduction of 1.9%.

Average house prices

The Land Registry figures show the average house price in England and Wales is now £172,069, still around £9,000 off the peak seen in 2007 and well below the figure given by the Nationwide and Halifax.

Repossession rates

The number of homes being repossessed continues to fall, with the East Midlands seeing the sharpest fall.

According to the Land Registry 936 properties were repossessed in February, down by 33% on the same time last year.