Biggest monthly house price rise in years
Sep 2nd, 2009 | By Les Sheppard | Category: Property NewsWelcome back! Have you made sure you never miss a new property? Subscribe to updates with your best email address in the sidebar to the right.You see everything new at least 48 hours before the crowd!
Property prices rose by 1.7% in July compared the biggest monthly leap in value since July 2004, according to the latest report from the Land Registry.
The report says every region recorded a monthly rise in prices, and the average property is now valued at £155,885. But prices were still 11.7% down year-on-year.
The annual drop has been sharpest in the North East and least dramatic in Wales which saw the biggest month-on-month rise of 3.1% in July from June whereas prices rose by just 0.9% during the same period in Yorkshire and the Humber.
The biggest drop in sales came at the top end of the market, the Land Registry also found, in the £1.5m to £2m bracket. Some 38 were sold in this price range in May compared with 88 in May 2008, a fall of 57%. The number of homes sold at more than £1m in the same period fell from 453 to 242, a drop of 47%.
Despite this positive report, many economists are convinced the market is not yet out of the woods: ‘Having fallen some 17% over the past 18 or so months, house prices are now rising,’ said Seema Shah from Capital Economics. ‘However, the still exceptionally-low levels of activity, coupled with the weak economic backdrop and tight lending criteria, suggest that any revival in UK house prices will be temporary.’
Source: Country Life
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