House prices 'jump almost £8,000 in a year'
09-30-2015
The average home in England and Wales was worth just under £185,000 in August, latest figures from the Land Registry revealed.
This represents an increase of 4.2%, or £7,750, compared with the same time last year.
While prices increased across the board, there were massive regional variations as usual. Properties in the East saw the biggest increase in percentage terms, rising 8.4% over the last year to stand at £210, 045.
While London prices increased at a slower rate of 6.6%, property in the capital still saw the biggest change in monetary terms, rising almost £26,000 to £493,026.
At the other end of the scale, residents in the North West saw prices rise by a far more moderate £460, or 0.2%, to £113,732.
The Land Registry data also highlighted a sharp drop in the number of homes changing hands across England and Wales. A total of 70,404 sales were completed in June, the latest statistics available, compared with 80,823 in the same month in 2014.
Housing charity Shelter has suggested this shortage of homes available to buy is the main driver behind rising prices.
"This is yet more evidence that our housing shortage is pushing the dream a stable home out of reach for millions," said Shelter chief executive Campbell Robb.
"Piecemeal government schemes like Help to Buy or Starter Homes just aren't helping the ordinary families who are completely priced out of a home of their own, and left to face the huge costs and instability of private renting.
Below is a breakdown of average house prices by region, including the percentage change over the least 12 months.
London - 6.6% - £493,026
South East - 7.6% - £254,658
East - 8.4% - £210,042
South West - 5.4% - £194,088
England and Wales - 4.2% - £184,682
West Midlands - 3.2% - £140,417
East Midlands - 3.5% - £136,243
Yorkshire and Humber - 1.2% - £123,063
Wales - 0.9% - £118,899
North West - 0.2% - £113,732
North East - 0.4% - £100,943