The Land Registry has released its house price figures for April 2013. At 259.3, the index represents a seasonally adjusted* monthly increase of 0.4% and annual increase of 0.7%. The average selling price in England and Wales during April 2013 was £161,458.
The capital continues to see by far the sharpest price rises. On a monthly basis, the price of the average London property has increased by 1.4%; annually, this change stands at 6.2%. The average London property price of £375,795 is 133% higher than the UK average.
It is slightly surprising to note that detached houses are the only type of property to see an average annual decrease in selling price, as this type of property traditionally holds its value. Flats and maisonettes have seen the largest annual increase of 1.9%; this could be attributed to increased demand from buy to let landlords, with whom this type of property remains popular due to the relatively low cost and high demand from tenants.
However, a look at historical figures shows that the average price of detached houses has remained steadier – they have only seen a 1.8% price fluctuation over past year, whereas the price of flats has fluctuated by 3.4%. The average fluctuation between the highest and lowest price since April 2012, across all property types, has been 1.6%.
The North East, predictably, saw the biggest monthly fall of –5.7% to £95,546, marking the seventh consecutive month in which the average price has been less than six figures, and the lowest average price since the onset of the financial crisis. In fact, this is the lowest average price seen in this region since March 2004. On a more local level, Middlesbrough saw the largest annual fall (–11.8%), though the cheapest unitary authority (at £67,387) is Kingston-Upon-Hull which, along with Cynon Taff, in Wales also saw largest monthly price fall (of –3.0%).
The next index will be released on 28 June. Click here to view the current report in full.
* The Land Registry’s data is revised every month when new figures are added. See www.landregistry.gov.uk for more information.