House prices increasing in England and Wales

The housing prices in England and Wales increased by 0.1% in May compared with the previous month, the official Land Registry figures have shown.

After the frictional rise, the average house price in England and Wales has been propelled to £161,969.

The figures also show an annual price increase of 5% and that the repossession volumes decreased by 27% in March 2013 to 1,448 compared with 1,981 in the same month a year ago.

Over the last 12 months, the greatest increase in average property value was experienced by London, where prices rose by 5%. The East Midlands region recorded the greatest monthly rise with an increase of 2%.

The region with the most significant monthly price decrease was East England at  0.7% while Yorkshire and The Humber saw the greatest annual price fall with a decrease of 2.2%.

The number of completed housing sales in England and Wales declined by 15% to 52,090 in March 2013, compared with 61,334 a year earlier, the most up-to-date available figures showed.

Between March 2012 and March 2013, almost all the regions in England and Wales saw a decrease in repossession. North East was the region with a significant decrease of repossessions, which dropped by 39% in March this year compared with March 2012.

The managing director of Phoebus Software – Paul Hunt – said that despite a row of economic barriers which have blocked the route to a full recovery, the escalation in house prices shows that the mortgage market is performing magnificently.

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