The September data from Land Registry’s House Price Index shows an annual price increase of 3.4 per cent which takes the average property value in England and Wales to £167,063.
The monthly change from August to September shows an increase of 1.5 per cent. Repossession volumes decreased by 28 per cent in July 2013 to 1,187 compared with 1,645 in July 2012.
Peter Rollings, CEO at Marsh & Parsons, comments:
“This morning’s figures add another splash of colour to the increasingly bright picture of the UK housing market recovery. The dramatic increase in the number of completed house sales supports the positive mood, helped by low interest rates, Help to Buy and signs of a sustained economic recovery.
“Almost all UK regions are showing price increases, but the rate of growth in London is operating at a completely different level. An imbalance of supply and demand means that property is changing hands in record time and for close to and sometimes above the asking price. While interest rates remain low, Prime London property will continue to be seen as an attractive investment opportunity, and competition for properties will remain high. The enduring appeal of a Prime London home for both UK and overseas buyers is evident in the figures – we currently have 18 buyers registering for each available property – and there is no sign of this slowing down.”
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