The average price of houses has risen by 13.5% across England and Wales over the past year, according to the Land Registry.
House prices soared across the board from an average of £117,398 in the second quarter of 2001 to £133,247 for the same period in 2002, according to the Land Registry’s Residential Property Price Report.
However, there are still marked differences between the most prosperous regions and poorer areas, with properties selling in Merthyr Tydfil and Blaenau Gwent in Wales for an average of under £42,000, while in Kensington and Chelsea the average price is £630,000.
Although most of the higher value sales where in Greater London, with 506 properties over £1m being sold, the increase in property prices was below the national average.
London prices increased by 13.12% from £205,831 to £232,830, while East Anglia and the South West have seen increases of 19.82% and 18.38% respectively.
Meanwhile, the volume of sales nationally has increased by 10.06% from 266,536 in 2001’s second quarter to 293,352 for the same period in 2002.
EGi News 08/08/02
