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National house price rises fed by London inflation, says Land Registry

National house price rises fed by London inflation, says Land Registry

Average house prices in England and Wales last month were £162,621, the Land Registry has reported.

This represented a monthly increase of 0.6% and an annual increase of 0.8%.

Even those low figures were skewed by London data – in London, the average of £383,930 was 3.1% higher than in May, and 6.9% up year on year.

In comparison, house prices in the North slipped – in the North-East by 2.2% on a monthly basis, and on a yearly basis by 3.8%.

The Land Registry also reported falling numbers of sales, although its data is historic, and goes only until April.

From January to April there were 47,308 transactions a month, down from 48,299 per month over the same period last year.

In April itself, transactions were 48,367, up from 43,252 in April 2012, when house sales dropped off following the ending of the Stamp Duty holiday.

Repossessions have continued their downward trend. Between January and April they averaged 1,359 per month, down from 1,743 per month for the same period last year. Repossessions in April fell everywhere except in the West Midlands, where they went up 8%.