Buy To Let
March house prices up 5.6% – Land Registry
House prices rose by 5.6 per cent in the year to March, according to data released by the Land Registry.
These figures were buoyed by a 12.4 per cent rise in the value of London properties during the past 12 months.
By contrast Wales experienced an annual price fall of 1.6 per cent during the same period.
Month-on-month prices in England and Wales dropped back 0.9 per cent although regions such as the East of England and North East saw gains on February’s figures (both 1.1 per cent).
The average house price in England and Wales now stands at £169,124 – this compares with the peak of £181,618 in November 2007.
Flats and maisonettes were the property type which saw the biggest rise in property prices year-on-year, rising 8.1 per cent to reach £163,168.
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A total of 979 repossessions were conducted in England and Wales during January 2014, according to the most recent figures available.
Nicholas Ayre, managing director of home buying agency Home Fusion, said: “With London house prices up 12.4 per cent in the year to March, according to the Land Registry, the capital’s housing market doesn’t appear to be slowing down anytime soon.
“While parts of the country are starting to see a slowdown in price rises, with Wales witnessing a significant fall month-on-month, the capital defies the odds. Pressure to buy is still considerable with many buyers competing via open houses and sealed bids for a limited amount of stock.
“The increased availability of mortgage finance at higher loan-to-values is finally making it possible for many frustrated first-time buyers to take a step onto the ladder. The real challenge is finding a property you can afford to buy and being able to secure it in the face of stiff competition before prices move higher still.”