House prices have risen by more than 10 per cent over the past year, according to new Land Registry statistics. But the figures could point to a slowing down of London’s rampant housing market.
Prices have increased by three times the national average in some high-demand hotspots, the registry said. The average house price in England and Wales increased 10.2 per cent from £110,570 in the first quarter of 2001 to £121,881 during the same period this year.

But there were wide regional variations. Prices were up 30 per cent in Peterborough and by 26 per cent in Bournemouth, while East Anglia saw a 20 per cent rise.

In a surprise development, the capital’s housing market rose below the national average. The price of a home in Greater London only increased by 9 per cent.

The new figures are lower than those of lender Halifax, which said its calculations were based on applications, not completions (Housing Today, 9 May).

Source

Housing Today