Land Registry says typical home now costs £186,325

Land Registry says typical home now costs £186,325

The average property value in England and Wales at the start of 2016 is £186,325 according to the Land Registry. 

Its data for November, the latest available, claims typical prices rose 0.4 per cent in that month. 

London experienced the greatest increase in its average property value over the last 12 months with a movement of 11.2 per cent; the capital also experienced the greatest monthly growth with an increase of 1.6 per cent.

Both Yorkshire and The Humber and the North East saw the lowest annual price growth with increases of 1.3 per cent; Yorkshire and The Humber also saw the most significant monthly price fall with a decrease of 0.9 per cent.

Sales and repossessions during September 2015 - the most up-to-date figures available - show that the number of completed house sales in England and Wales decreased by eight per cent to 72,397 compared with 78,877 in September 2014.

The number of properties sold in England and Wales for over £1m increased by one per cent to 1,273 from 1,265 a year earlier.

Repossessions in England and Wales decreased by 45 per cent to 406 compared with 733 in September 2014; the region with the greatest fall in the number of repossession sales was the East of England with a decrease of 64 per cent from September 2014.

Article courtesy of Estate Agent Today | Sign up for Estate Agent Today newsletter | Get this news on YOUR site!