wales and england property prices up in jan says land registry
News Posted On: 04 March 2010
Wales and England property prices were some 5.2% higher in January this year than last, and 2.1% higher than in December, according to new data released by the Land Registry.
This is one of the biggest monthly increases recorded by the Land Registry since English property (England was first to see rises, and the south west has been driving the national average growth) prices began rising towards the middle of last year. It has been met with surprise by some in the industry because it comes at a time when mortgage application growth has started running out of steam, and price rises have been slowing according to the indices of Halifax and Nationwide.
Update@ Halifax has released its index for February this morning, with a fall of 1.5% recorded on the month. This is after a fall of 1% was reported by Nationwide in the same period. Prices were still up on last year, by 4.5% according to the Halifax.
The Land Registry index is seen as being one of the most accurate indices of property prices in England and Wales, because it is based on actual transactions, and not mortgage applications like the indices ran by lenders Halifax and Nationwide. The government index is regarded as being equally as accurate, because it is also based on completed transactions, but it is not seasonally adjusted -- some believe that makes it more accurate.
The Royal Institute of Chartered Surveyors has just released its latest report on European house prices, and found that the UK was one of the few countries in Europe to record a price rise for 2009 overall.
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