The latest Land Registry House Price Index has shown an annual price increase of 5.6 per cent which takes the average property value in England and Wales to £169,124. The monthly change from February to March shows a decrease of 0.4 per cent. Repossession volumes decreased by 31 per cent in January 2014 to 979 compared with 1,420 in January 2013.
Commenting on the March 2014 Land Registry House Price Index, Steve Chadwick, Franchisee/Director at Martin & Co Hinckley said: "The new House price index has been released today from Land Registry. This report is the most accurate and definitive guide for the housing industry and one of which estate agents should take note.
“The average national price is still £12,494 away from the peak of 2007, but with indications that the house prices are rising and that there is a 46% increase in sales volume compared to last year, provides more positive news,” Steve Chadwick continued.
“So how does Hinckley and Leicestershire fare within the national outlook? The average house price is £150,946 with an annual increase of 3.9%, so slightly less than the national average but encouraging news nonetheless. The difference may be due in part to the level of new housing stock locally which has seen many new local developments appearing throughout the region.”
The March data from Land Registry's House Price Index shows:
• The region in England and Wales which experienced the greatest increase in its average property value over the last 12 months is London with a movement of 12.4 per cent.
• Both East and North East regions experienced the greatest monthly rise with a movement of 1.1 per cent.
• Wales experienced the only annual price fall of 1.6 per cent.
• Wales also saw the most significant monthly price fall with a movement of -4.2 per cent.
• The most up-to-date figures available show that during January 2014 the number of completed house sales in England & Wales increased by 46 per cent to 63,123 compared with 43,373 in January 2013.
• The number of properties sold in England and Wales for over £1 million in January 2014 increased by 61 per cent to 1,011 from 628 in January 2013.
• The region with the greatest fall in repossession sales in January 2014 was the North East.
Access the full dataset at http://www.landregistry.gov.uk/public/house-prices-and-sales
Martin & Co Estate Agents provides sales and lettings in the Hinckley area. The company is located on Castle Street in Hinckley town centre. For more information, visit http://www.martinco.com/lettings-agents/hinckley