House Prices Increase Reports Land Registry

House Prices

October saw house prices rise by 0.6% according to a survey by the Land Registry

This is now the fifth month in a row that prices have risen said a Land Registry spokesman.

The average house price is now £159,546, which is 3.4% lower than October last year.

North West England saw the biggest rise at 1.9% while Wales experienced the largest fall of 2.3%.

“There remains a wide variation in the strength of the pricing recovery between the regions, said Oliver Gilmartin, economist at the Royal Institution of Chartered Surveyors.

“Average house prices in London grew at over £4,000 during October whilst Wales witnessed price falls of over £2,000,” he added.

“House prices are set to rise further in the coming months supported by an ongoing shortage of property listings relative to demand.”

Consultancy Capital Economics have predicted that the rise in house prices over the past few months will soon run out of steam.

“The shortage of available property may mean that prices continue to increase in the near-term, but with employment set to fall further, we expect house prices to resume their downward trend in 2010,” it said.

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