New data from the Land Registry this month, revealed a rise in house prices during July of 1.3%. This rise has impacted the annual fall in house prices, bringing that figure down to -2.1%, and moving in the right direction.
The average property price in England and Wales now stands at £163,049, with the biggest increases during July occurring in the South West at 2.2%. Property prices in the North East appear to be the most volatile, with a monthly decrease of -2.3%, pushing the annual reduction to -8.8%.
The market in London shows a much more stable picture, with London property prices experiencing an annual increase, showing growth of 1.3% during the last 12 months.
Although it may be somewhat premature to open the champagne, CEBR, the Centre for Business and Economics Research, also had a similar positive news story for the future of the UK housing market. New research from CEBR stated that they expect house prices to increase ‘gently’ over the coming year, anticipating that prices are expected to rise by 14% between 2012 and 2015. A slight revision to their analysis in May 2011 predicting a 16% growth, but a good increase all the same.