In May, house prices in both England and Wales rose slightly although the market still saw significant variation across its different regions. On average the value of a home increased by half a percent in the month and, according to Land Registry, this was higher than the figure for last year, which was 0.4 percent.
In the last year house prices in the capital city have risen however in every other region in the country the price has fallen. The report also showed that the average house price in the country is just shy of £162,000. These figures that have been released by the Land Registry are regarded as some of the most comprehensive and best in both England and Wales.
It is estimated that in May, around 55,000 residential properties were sold, but the price range of £10,000 at the lowest point, to £28 million at the highest. Gabby Adler is an independent buying agent has commented, “There is one thing that is consistent across all regions in the country, and that is that the number of transactions is significantly lower than what we saw when the market was at its high point. Many people who are considering selling a home are waiting to see what will happen with the economy.
“It is also the case that some potential buyers are not even trying to apply for a mortgage to buy a property because they feel they will be rejected.” London sees a significant difference in the value of its properties, with the average home in the capital city being worth nearly £370,000.
The price of an average home in the capital has also increased in the last year by nearly 8 percent, which is significantly higher than price increases seen elsewhere in the country. The second biggest increase was seen in the south-east, with an increase of nearly 2 percent.