The UK’s housing market is continuing on an upward trend, with the latest figures showing a 0.8% increase in property prices in the months to July.
Looking for a removals company? Compare local removals companies at Propertywide.
The latest data from the Land Registry revealed that the average house price in England and Wales now stands at £162,900. London continues to lead the way with higher than average price increases. Month on month property values in the capital soared by an impressive 2.7% with year-to-date increases a staggering 6.5%.
In contrast, the North East saw the most significant monthly drop in prices (down by 2.1%), while over the 12 months to July, the North West saw the most significant price fall with a decrease of 3.9%.
Wales followed London with the highest monthly changes in property prices from June to July (up by 2.3%). Third and fourth place in the ranking were occupied by the East Midlands (up by 1.2%) and the East and the South East (both up by 0.4%).
Property prices plummeted across several regions over the month too. Yorkshire and the Humber saw a decrease of 0.1% with the figure for the South West 0.6% and for the North West 1.7%.
Average year-on-year property prices for a variety of properties have also increased. The cost of a detached home saw a marginal increase between July 2011 and July 2012 (from £256,405 to £256,496), while the cost of a semi-detached home shot up by 0.1% from £153,156 to £153,339.
The average cost of a flat or maisonette increased by 2.2% from £151,981 to £155,314. By contrast, the average cost of a terraced home fell by 0.4% over the same period, from £123,548 to £123,097.