8th Nov 2013 12:04
LONDON (Alliance News) - The average price of a home in England and Wales is now worth 4.3% more than a year ago, latest data showed Friday.
Prices increased in every region of England and Wales for the first time in three years, the data from LSL Property Services for October showed.
On average, the price of a home in England and Wales was GBP237,161, up 0.6% from GBP235,785 in September and up 4.3% from October 2012, when the average house price stood at GBP227,385.
LSL found that, for the first time in the last 35 months, all ten regions are showing positive movement in their annual rate of house price change.
Greater London, however, continues to dominate the housing market, with house-price inflation more than double that of any other region of England and Wales. It also is the only region to have a an annual rate, at 7.9%, higher than the average for the country as a whole.
On a monthly basis, house prices have risen in 25 London boroughs and fallen in eight, with an overall average increase of 0.8%. In the previous month, 22 boroughs recorded an increase with 11 falling. The average month-on-month increase in September was 1.0%.
?We?re only at a fraction off the heights seen before the credit crunch struck, but still the housing market is a hive of activity," LSL Director David Newnes said in a statement.
"There?s been a tremendous jump in transactions over the past three months ? with the most sales recorded in an October since the onset of the crisis. Key to such a surge in activity is the renewed level of confidence seeping back into the market and a plethora of attractive mortgage deals enticing more and more aspiring buyers back into the housing arena," he added.
Newnes said it was "crucial" that the UK government supported the growth of new house building to meet growing demand and also to prevent properties becoming unaffordable.
However, he warned that lenders too must share some of the load, "as they play a pivotal role in reaching the lower end of the housing market, and this can help support a continued and more sustainable rate of recovery into 2014 and beyond.?
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
Copyright © 2013 Alliance News Limited. All Rights Reserved.
Related Shares:
Lsl Prop