Mortgages  

Average house price £3,000 below 2007 peak: Land Registry

Average house price £3,000 below 2007 peak: Land Registry

New data has revealed that house prices grew by an annual 5.3 per cent in the 12 months to March, with the average property value in England and Wales around £3,000 less than November 2007’s peak.

Land Registry’s monthly house price index, published today (30 April), revealed that last month the average house price hit £178,007, compared with the peak of £181,049 in November 2007. Over the month, average house prices fell 0.8 per cent.

However, the March data for London however shows the capital continues to soar with a monthly increase of 0.2 per cent, with the average price of property in the capital at £462,799. At 11.3 per cent, the annual change for London is considerably more than most other regions.

Article continues after advert

All other areas, except the north east, saw annual property price increases of between 10.1 per cent (the south east) and 2.2 per cent (the north west). The north east saw annual property prices fall 2.9 per cent.

The number of property transactions has decreased over the last year, the Land Registry reported. From October 2014 to January 2015, there were an average of 71,090 sales per month, compared to the previous period of 76,056 sales per month.

Jeremy Duncombe, director for Legal and General Mortgage Club, said: “Activity in the housing market over the first quarter of the year has failed to reach the levels predicted at the start of the year.

“This has contributed to the fall in the rate of house price growth reported in the Land Registry figures today. However, despite this slow start, activity in the market is likely to pick up over the coming months as uncertainty around the election result is resolved.

“In addition, continuing low interest rates mean that now is a good time for those coming to the end of a mortgage deal to look for a new rate.

“We would urge anyone who is thinking of remortgaging to speak to a broker who can help them find the best deal for their particular circumstances.”

emma.hughes@ft.com