House prices near £200,000 mark

7th August 2006

The price of an average home in England and Wales is almost £200,000, according to new figures from the Land Registry.

It says that in the April to June period, the average house price was up by 7.71% on a year ago – to £199,184. In addition, the Land Registry said that the number of home sales jumped by 24% compared with last year.

Land Registry figures show that annual house price inflation was at its highest in the north and north-west of England, at 11%. In London, prices rose by more than 8%. House price inflation was at its lowest in East Anglia (4%) and the East Midlands (4.4%). Overall, the Land Registry report indicated that prices rose in all parts of England and Wales during the spring and summer.

These findings echo those of recent house price surveys by the Halifax and Nationwide; both lenders noted that house price inflation has beaten analysts’ predictions this year.

However, last week, the Bank of England raised interest rates by 0.25% to 4.75% – and some analysts think this move could cool the housing market.