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June house prices up slightly since May

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 6.3 per cent.

Wales experienced the greatest monthly rise with an increase of 2.5 per cent.

Yorkshire & The Humber experienced the greatest annual price fall with a decrease of 1.9 per cent.

Yorkshire & The Humber also saw the most significant monthly price fall with a decrease of 0.3 per cent.

The most up-to-date figures available show that during April 2012, the number of completed house sales in England and Wales decreased by 19 per cent to 41,244 compared with 50,721 in April 2011.

The number of properties sold in England and Wales for over £1 million in April 2012 decreased by 43 per cent to 468 from 825 in April 2011.

Richard Sexton, director of e.surv chartered surveyors, commented: “It’s a two-speed housing market. In the fast lane are equity-rich buyers who are piling into the market to take advantage of seductively low prices and even lower interest rates. In contrast, the first-time buyer market is in a state of unprecedented gridlock. It’s been beaten into near-paralysis by tight mortgage criteria and fewer loans to borrowers with low deposits. With conditions for first-timers so harsh, the best the market can hope for is to stagger on and pray banks begin lending more prodigiously than they are now. Prices are only being supported by an unhealthy reliance on purchases made by wealthy buyers, which is hardly something to celebrate. With the economy stalling and the eurozone crisis rumbling on, things could well get worse before they get better.”

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