Further house price rises

Posted: 12 Mar 2008 10:43:48 GMT

The average property price in England and Wales increased in value between January and February, according to the latest statistics.

The average property price in England and Wales increased in value between January and February, according to the latest statistics.

Figures from the Financial Times House Price Index show annual house price inflation was 6.1 per cent last month.

A typical property increased in value by 0.5 per cent month-on-month, taking the average property price to £231,530.

The 0.5 per cent increase will be welcomed by many homeowners, particularly when you consider recent results, which have seen prices increase by 0.1 per cent in January after falling by 0.1 per cent in December and 0.2 per cent in November.

Annual inflation in London was well above that recorded for the rest of England and Wales, with the figure hitting 12.7 per cent.

Kensington & Chelsea was the best performing region overall, with year-on-year growth of 27.3 per cent.

Other regions also saw annual growth above the national average, with the figure for the south-east recorded at 7.8 per cent and the south-west 6.8 per cent.

The latest Land Registry housing market report put month-on-month price growth at 0.9 per cent in January.

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