Two regions in England and Wales experienced increases in their average property value over the last 12 months. The region with the highest annual price change was London with an increase of 5 per cent. London also experienced the greatest monthly rise with a movement of 3 per cent. The North East experienced the greatest annual price fall with a decrease of -8.1 per cent. This region also experienced the most significant monthly price fall with a movement of -1.7 per cent.
The most up-to-date figures available show that during February 2011, the number of completed house sales in England and Wales decreased by 10 per cent to 38,336 from 42,515 in February 2010. The number of properties sold in England and Wales for over £1 million increased by 14 per cent between February 2010 and February 2011, from 399 to 454.
Peter Rollings CEO of London estate agent Marsh & Parsons, said:
“London is defying the dip in house prices elsewhere in the UK.
“The figures show a monthly jump rise of 3% in April but in some prime parts of London, we can confirm they are even higher. Prices in London have gone up by 5% this year and with limited supply and huge demand, we believe this trend will continue. But in Hammersmith & Fulham and Kensington & Chelsea, where Marsh & Parsons have 7 offices, the rise is 6%.
“The reason is that there is still a shortage of property on the market, around 50% of its long term average however, although there is a pent up demand building, some potential buyers are still being restrained by the inadequate availability of mortgage finance.
“Today, the CEBR stated that house prices are close to bottom and that London will rise 2% faster than the rest of the UK. That being the case, London represents good value – especially for overseas buyers who can leverage the relative weakness of sterling against the dollar and euro.”
Have your say on this story using the comment section below