House prices are up 0.5 per cent since January, according to Land Registry’s latest monthly market data, with February seeing an annual price increase of 6.5 per cent.
This takes the average property value in England and Wales to £180,252 - nudging ever closer to the peak of £181,083 in November 2007. January’s figures showed an average property price of £179,492.
The regional data indicates that London experienced the greatest increase in its average property value over the last 12 months, with a movement of 13.1 per cent, while the north east had the greatest monthly rise, with a movement of 6.2 per cent.
The north west saw the lowest annual price growth, with a movement of 0.7 per cent, and the largest monthly price fall, of 1.7 per cent.
Sales and repossessions during December - the most up-to-date figures available - showed that the number of completed house sales in England and Wales decreased by 11 per cent to 70,470 -compared with 79,569 in December 2013.
However, data published earlier today (27 March) by Nationwide indicated that the property market is cooling down, as monthly house prices have slowed for seven months in a row to 5.1 per cent in March from 5.7 per cent in February.
Commenting on the Land Registry data, Guy Meacock, head of the London office for buying agency Prime Purchase, noted that the average house price increase follows a 0.2 per cent fall in January, reflecting a seasonal change expected at this time of year.
“Sellers’ expectations were raised a year ago but they reached their peak last year in very general terms, and definitely in London where the market recedes relatively quickly.
“Those windows of opportunity where prices are more realistic are only open for so long; they are not closing just yet but a slightly resurgent spring market is giving a bit more balance and increasing the number of buyers out there.”