New figures from the Land Registry show that house prices in England and Wales continued to rise in September. The average price rose by 1.5% over the month to an average of £167,063.
The figures show that over the past 12 months prices have increased by 3.4% on average, and are higher in all English regions than they were in September 2012. In Wales, however, prices are down by 1.7% year-on-year and fell by 0.4% in September.
The Land Registry figures also point to a much busier housing market. House sales increased by more than 15% in the early summer, with an average of 62,034 a month between April and July compared with 53,698 in the same period of the previous year.
David Newnes, director of LSL Property Services, owners of Your Move and Reeds Rains, said: “The housing market is gathering momentum as prices rise steadily up and down the country – and with GDP also on the rise we seem to be making strong steps towards a recovery. While rising prices are boosting confidence levels, sales figures have shown greater numbers have been able to buy – such a stark contrast from even a year ago. More mortgages are being approved and waves of first-time buyers are returning to the market, meaning there’s certainly cause for renewed optimism and confidence.
“Help to Buy and more lending at higher LTVs have provided a vital boost and this is giving a helping hand for those who have been struggling to step up onto the property ladder. But this is still a tall order for those still trying to save for a deposit and the increases in demand must be matched with greater supply to maintain a healthy property market in the long term. And for this we need more new homes to be built.”
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