House prices ‘almost at pre-recession peak’

Thu 04 Jun 2015

House prices on the rise, property market booming

House prices in England and Wales have almost returned to the peak level recorded prior to the recession.

New figures from the Land Registry show the average property price in the countries rose to £179,817 in April, only just short of the all-time high of £181,014 that was recorded in November 2007.

April was a strong month for the property market, with prices increasing by 0.9 per cent in comparison with March, contributing to annual growth that now stands at 5.1 per cent. Estate agents were able to continue the trend of managing sales at higher price points than in previous months.

In some areas, the rate at which the price of houses for sale is heading upwards is even steeper, with a rise of 10.9 per cent recorded in London over the last 12 months.

Across England and Wales, the only area to experience a decline in house prices over the last year was the north-east. In key markets such as the south-east and eastern England there were substantial annual increases of 8.8 and 7.8 per cent respectively.

The Land Registry data also identified semi-detached houses - which were recently named by Paragon Mortgages as the most popular properties among landlords - as the type of property to enjoy the greatest rise in value in the year to April.

From a typical price of £161,431 in April 2014, they increased in value by 5.6 per cent to £170,470 by the same month this year.

Flats and maisonettes were named as the property type with the second-highest surge in prices over the 12 months in question, rising 5.4 per cent to £172,719, while detached houses increased by 5.1 per cent to reach an average price of £282,706.

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