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Property Prices Still Below Pre-Downturn High
This article is an external press release originally published on the Landlord News website, which has now been migrated to the Just Landlords blog.
Property Prices Still Below Pre-Downturn High
The average property price in England and Wales is still below the pre-downturn high recorded in November 2007, according to the Land Registry.
It reveals that the annual price rise of 4.6% in the year to May 2015 brought the average house price to £179,696, compared to the peak of £180,990 of November 2007.
London and the South East experienced the strongest growth in annual property prices; both with increases of 9.1%. The East and North East saw the greatest monthly rises of 1.6%.
Wales was the only area to witness an annual price drop, with a 0.6% fall. It also experienced the largest monthly price decline of 1.7%.
The amount of completed house sales in England and Wales fell by 12% to 59,311, compared to 67,321 in March 2014. The number of properties sold for over £1m also dropped, by 6% to 842, from 893 the previous year.
The Land Registry’s Price Paid Data includes over 62,100 residential property sales in England and Wales lodged for registration in May 2015. The most expensive sale last month was in London SW3 for £10,050,000 and the cheapest was in Copeland, Cumbria for £10,000.
