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16 December 2012

House prices up 3.3% on the year

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by Gill Montia

House prices up 3.3% on the year

House prices in England and Wales climbed by 0.2% in November, compared to October, marking a second consecutive monthly increase (October +0.2%) and giving an annual rise of 3.3% (October +2.5%).

According to latest research from LSL / Acadametrics, November also saw a 5% rise in transactions compared to a year earlier, with the average home changing hands for £226,918.

House prices have typically risen by just over £7,000 in the past year and Acadametrics comments: “Given that the annual rate of house price inflation was negative for the last eight months of 2011, the positive movement in prices in 2012 does suggest a modest turnaround in what might be called the real housing market.”

However, London remains an important driver of current house price trends and strong regional variations continue – during November, prices slipped in Yorkshire & Humber, the South West, East Midlands, the North West, West Midlands and Wales.

Notably, Wales has seen prices fall by 2.9% in the last 12 months, the largest fall in annual prices recorded in the region since July 2011.

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