The region in England and Wales which experienced the highest increase in its average property value over the last 12 months is London with a movement of 2.9 per cent. London also experienced the greatest monthly rise with a movement of 2.5 per cent. The North East experienced the greatest annual price fall with a decrease of 4.5 per cent. The North West saw the most significant monthly price fall with a decrease of 2.1 per cent.
The most up-to-date figures available show that, during November 2011, the number of completed house sales in England and Wales increased by 3 per cent to 57,967 compared to 56,312 in November 2010. The number of properties sold in England and Wales for over £1 million in November 2011 decreased by 4 per cent to 524 from 548 in November 2010.
Paul Hunt, managing director of Phoebus Software said: “Rising house prices show the importance of mortgage lending in supporting the property market. As lenders have taken advantage of the low Base Rate to offer finance which is more affordable than ever, buyers have taken the opportunity to lock themselves into the market at favourable rates. This has pushed up lending volumes, which have risen in seven of the last eight months and property prices have risen accordingly. Of course, some of the demand currently boosting the market is part of a rush to beat the Stamp Duty holiday, but the improving availability and affordability of mortgage finance is the only way to sustain the housing market in the long term”.
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