House prices rise again, with the value of London residential properties shooting up by 14 per cent year-on-year, while sales inch down two per cent

Hayley Kirton
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House Prices Hit New High In The UK
The average residential property in London now costs £530,409 (Source: Getty)

The price of residential property has edged up with the capital seeing the biggest increases in value over the last year, figures released today show.

According to the Land Registry's monthly market trend data for January 2016, the average price of residential property in England and Wales rose by 7.1 per cent over a year and by 2.5 per cent since December 2015 to £191,812.

The number of completed sales in the year to November 2014, which is the most up-to-date data the Registry has available, dropped by two per cent to 72,167 compared with 73,282 the year before.

Average property value in London, meanwhile, has shot up by 13.9 per cent over the last year, making it the region with the largest level of annual growth, and by 2.8 per cent since December 2015 to £530,409.

Average price of residential property in January 2016 by region

London - £530,409

South east - £266,603

East - £217,341

South west - £198,288

West midlands - £144,185

East midlands - £138,825

Wales - £125,665

Yorkshire and Humber - £124,949

North west - £114,504

North east - £97,117

However, on a monthly basis, Wales outpaced the capital, as house prices there have increased by 3.7 per cent since last December.

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