House price inflation slightly up in Q4 2005 |
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Wed, 08 Feb 2006 12:20
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LONDON: House prices in England and Wales rose at a marginally faster rate of 4.6 per cent in the last quarter of 2005, compared with the same period a year earlier, according to official figures Wednesday.
The government's Land Registry, the agency that maintains details of all property transactions, said the rise can be compared with 3.52 per cent recorded in the third quarter, which is the slowest rate since 1996. The average house price in England and Wales is 191,327 pounds, according to the Land Registry.
The volume of sales in the quarter has increased by 12.64 per cent to 258,763 from 229,724 in the same period in 2004, but it was lower than the figure of 229,724 recorded in the third quarter of 2005, said Land Registry. Prices in London rose by 4.54 per cent.
The agency compiles its data based on actual sales completions and hence its figures tend to be behind those of other agencies.
The agency said 948 properties worth more than 1 million pounds changed hands in 2005, a 24 per cent increase on the previous year. More than half of these properties were in Greater London. Hartlepool was the area with the strongest house price growth, recording a 36.8 per cent rise.
The Land Registry said regionally, the North, North West Yorkshire and Wales had recorded higher annual rates of growth than the overall average.
House price inflation has been falling since 2004 in the wake of a series of interest rate hikes, but recent reports indicate that it is now picking up, albeit slowly, indicating a possible revival in the market. Data from Nationwide Building Society and from the Bank of England have indicated that house prices, mortgage lending and approvals have risen to levels not seen since mid-2004. Recent surveys by the Royal Institution of Chartered Surveyors, Rightmove, Hometrack, the British Bankers Association and the Council of Mortgage Lenders have all suggested that the housing market is now faring well after remaining in limbo throughout 2005.
The Land Registry study showed that new detached properties had shown increase in price by 8 per cent over the last 12 months, as did older terraced houses. Old flats and maisonettes went up by just 3 per cent.
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UK housings open door to buyers but buyers refrain 