House prices rise again in the UK
House prices in England and Wales jumped by 1% in March, putting the average cost of a home up to £178,423 (€262,029), official figures showed today.
The Land Registry in England said data for the month also revealed one of the highest annual increases for almost two years.
Year-on-year change was recorded at 8.3% in March, down slightly on February’s unrevised figure, but almost double the annual price change seen in the same period a year ago.
All regions in England and Wales continue to experience average house price increases over the last 12 months, with London leading the way at 11.6%.
But statistics revealed that two regions – the East Midlands and North East - saw the cost of property fall during the month.
The typical price of a home in London now stands at £323,511 (€475,083), following a 0.7% increase during the month.
Homeowners in Wales saw a rise of nearly 5% in March, pushing the typical cost of a property up to £141,767 (€208,188).
The Land Registry house price index uses a repeat-sales regression method, which observes homes that have been sold more than once, providing an “apples for apples” comparison of prices on completion.
Commenting on today’s figures, Ed Stansfield, property economist at Capital Economics, said: “This confirms other signals we have been getting from elsewhere.
“It reflects the strength in the market during the final months of last year.”
He added that more up-to-date indicators suggest that interest rate hikes have begun to take some of the heat out of the market, with a drop in homebuyer demand experienced.
