March house prices show increase of 0.9%

The March data from Land Registry’s House Price Index shows an annual price increase of 0.9 per cent which takes the average property value in England and Wales to £161,793.
The monthly change from February to March shows an increase of 0.1 per cent. Repossession volumes decreased by 18 per cent in January 2013 to 1,317 compared with 1,602 in January 2012.

The region in England and Wales which experienced the greatest increase in its average property value over the last 12 months is London with a movement of 9.6 per cent.
London also experienced the greatest monthly rise with a movement of 2.5 per cent.
The region with the greatest annual price fall is the North East with a decrease of 5.5 per cent.

The North West saw the most significant monthly price fall with a decrease of 2.5 per cent.
The most up-to-date figures available show that during January 2013, the number of completed house sales in England and Wales decreased by 5 per cent to 41,763 compared with 43,752 in January 2012.

The number of properties sold in England and Wales for over £1 million in January 2013 increased by 28 per cent to 610 from 476 in January 2012.