UK house prices up 5.8% in year to February, says Land Registry
According to the Land Registry-UK House Price Index February data, the average property values increased by 5.8% in February y-o-y to £217,502.
Monthly house prices have risen by 0.6% since January 2017. The monthly index figure for the UK was 114.1.
In England, the February data shows an annual price increase of 6.3% which takes the average property value to £234,466. Monthly house prices have risen by 0.8% since January 2017.
Wales shows an annual price increase of 1.8% which takes the average property value to £145,293. Monthly house prices have fallen by 0.9% since January 2017.
London shows an annual price increase of 3.7% which takes the average property value to £474,704. Monthly house prices have fallen by 0.9% since January 2017.
The regional data indicates that:
- East of England experienced the greatest increase in its average property price over the last 12 months with a movement of 10.3%
- Yorkshire and the Humber experienced the greatest monthly price growth with an increase of 2.5%
- North East saw the lowest annual price growth with an increase of 2.2%
- South East saw the most significant monthly price fall with a movement of -1.0%
The UK Property Transaction statistics showed that in February 2017 the total number of seasonally adjusted property transactions completed in the UK with value of £40,000 or above decreased by 1.9% compared with February 2016.
Sales during December 2016, the most up-to-date HM Land Registry figures available, show that:
- the number of completed house sales in England fell by 19% to 65,064 compared with 80,367 in December 2015
- the number of completed house sales in Wales fell by 6.9% to 3,845 compared with 4,129 in December 2015
- the number of completed house sales in London fell by 31.3% to 6,665 compared with 9,700 in December 2015
- there were 584 repossession sales in England in December 2016
- there were 66 repossession sales in Wales in December 2016
- the lowest number of repossession sales in England and Wales in December 2016 was in the East of England