28
Jul
First 2009 rise for house prices
House prices in England and Wales have risen month-on-month for
the first time since January 2008, according to the Land
Registry.
The 0.1% rise in June compared with May brought the value of the
average home to £153,046, the survey found.
It said that the figures revealed a "flattening" of prices,
although the value of the average home was down 14% on the same
month a year earlier.
The survey compares the price of homes sold now with the price
paid before.
"This is the first time in well over a year that the monthly
change has been positive," the Land Registry survey said.
"However, as the monthly increase is only 0.1%, the movement
does not signal a return to solid growth, but rather flattening
prices."
Regional breakdown
The survey is widely considered to be the most authoritative
property price survey because it measures the change in prices by
recording completed sales rather than mortgage data.
Over the year to June, prices of detached homes in England and
Wales have fallen the least, by 12.2%, the data revealed.
Semi-detached homes (down 14.3%), terraced houses (down 14.6%),
and flats or maisonettes (14.8% down) all witnessed bigger falls in
value.
During the same period prices fell the most in the north-east of
England, a fall of 15.9%, and the least in the West Midlands, which
saw a drop of 11.9%.
There was a divided picture across England and Wales for
property values in June compared with May. Five areas showed a rise
in prices and five showed a fall.
The rises were in London (up 2%), the West Midlands (up 0.5%),
the South West (up 0.4%), the South East (up 0.3%), and the East
(up 0.2%).
The falls were in the North East (down 0.1%), the North West
(down 0.9%), the East Midlands (down 1.1%), Wales (down 1.1%), and
Yorkshire and the Humber (down 1.2%).
source: www.bbc.co.uk/news Tuesday 28th
July 2009