House prices inched higher in June, says Land Registry
HOUSE prices in England and Wales rose 0.1 per cent on the month and 8.4 per cent on the year in June, figures from the Land Registry showed yesterday.
The government agency said the average price of a home was now £166,072.
House prices are now around the same levels that they were in the summer of 2006.
London continued to see rising house prices in June, with the average house price rising by 0.5 per cent to £338,027. This is double the national average.
Transaction volumes increased slightly in the first quarter compared to the same period in 2009. They averaged 44,114 transactions per month instead of 32,041.
Simon Rubinsohn, RICS chief economist, said: “House prices on this measure are just 9.5 per cent away from their previous high, recorded in November 2007.”
“The more worrying element of the Land Registry data is the continuing weakness in transaction activity. Subsequent figures on mortgage approvals suggest that this number is unlikely to pick-up anytime soon,” Rubinsohn added.