The Land Registry released the house price index for February on 28 March 2013. The seasonally adjusted* figures show that the average UK house price is currently £162,606, representing an increase of 0.2% since January and a 1.0% increase since February 2012. In index terms, the current average house price is 261.2 – 2.6 times larger than the average house price in January 1995.
The modest increase across the UK is in line with predictions made at the end of January that the number of mortgage approvals would fall in the following month, indicating that the market slowed down in February. The regional changes are slightly more unusual, however, with London, the East and South East all exhibiting sub-1% monthly movements; in fact, London has actually seen negative growth since January (–0.1%).
The monthly averages were brought up by three unexpected regions: the North West, the North East and Wales, which saw respective increases of 3.3%, 3.4% and 3.6%.
The capital has still seen a 6.3% climb in prices since February 2012, the highest regional increase. And though the North East in particular is showing an upward trend, enjoying the second-highest year-on-year increase after London (4.3%), the average house price of £100,363 is by far the lowest – less than a third of the £370,819 fetched by the average London property.
The index for March will be released on 29 April.
* The Land Registry’s data is revised each month as additional data is added – please see www.landregistry.gov.uk for more information.