House prices continue to rise, with 10pc jump in London
01-02-2014
Across England and Wales, average house prices in the year to November rose 3.2pc to £165,411
For sale signs
The housing market has picked up strongly throughout 2013 following the introduction of Government schemes such as Help to Buy Photo: Newscast
Property prices in London surged more than 10pc in the year to November but fell 1.6pc in the North East, Land Registry data have shown.
Across England and Wales, average house prices in the 11-month period rose 3.2pc year-on-year to £165,411. Prices edged up 0.1pc in November compared with the previous month, but the nationwide figures masked the continued patchy state of the market.
The North East was the only region to see prices drop compared with 2012, with typical house prices in the region now standing at £96,227. On average, a property in the North East costs 75pc less than a home in London.
Prices in the capital rose 10.6pc over the 11 months to November to £396,646, helped by rich foreigners snapping up multi-million-pound homes. London also saw the biggest monthly price rise, with an 1.8pc increase in November.
The South East saw the second largest annual jump in house prices, with a 3.5pc increase taking typical values to £216,618. Wales recorded a 3.3pc annual increase, with an average home now costing £118,310.
The East saw the most significant monthly price fall, with a 0.7pc drop in November taking average prices to £177,975.
The Land Registry’s figures also showed that house sales have been much stronger than in 2012. The latest data available show that during September 2013, the number of completed house sales in England and Wales increased by 24pc to 65,378, compared with 52,870 in September 2012.
The housing market has picked up strongly throughout 2013 following the introduction of Government schemes such as Help to Buy, which makes it easier for mortgage borrowers with small deposits to puchase a home.
Howard Archer, chief economist at IHS Global Insight, said: “Prices look set to see further strong increases over the coming months, and they could increase by around 8pc in 2014.
“While these projected house price rises are expected to be driven by London and parts of the South East, prices are likely to strengthen appreciably in most regions.”