House prices increase

According to January’s Land Registry House Price Index the average property value in England and Wales is now at £162,441 after a 1% rise from December to January.

As usual, London saw the largest property value increases with an increase of 7.1% over the last year and 2.5% from December to January.  

The figures for completions are published with a slight time lag, but the most recent data from November 2012 shows a 1% increase in completions from November 2011.

The most up-to-date figures available show that during November 2012, the number of completed house sales in England and Wales increased by 1 per cent to 61,091, compared with 60,369 in November 2011.

High end properties sold in England and Wales for over £1 million in November 2012 increased by 19% to 657 from 554 in November 2011.

Paul Hunt, managing director of Phoebus Software said: “January figures reflect the fact that the mortgage market is in the best shape it has been in for some time.

“These UK-wide prices — no longer restricted to the capital, although that’s obviously still booming — are largely due to improved funding conditions as lenders loosen the purse-strings and do their bit for the mortgage market.

“Borrowers are benefitting from more attractive mortgage deals while falling rates are bringing in more first time buyers too.

“As well as giving credit to lenders, we should acknowledge that the Bank of England’s Funding for Lending Scheme has had a big impact. For once, the government seems to be delivering.”

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