The Land Registry released the latest Land Registry house price index on 28th June 2013. Over the last year, London is reported to have experienced the highest annual increase in property values with an increase of 5% while the Yorkshire and Humber experienced the greatest annual fall at 2.2%. The average annual change is an increase of 0.5% making the average property price in England and Wales £161,969.00.
The report also shows that the average number of monthly property transactions has decreased over the last year from 53,387 sales to 48,875 sales.
The East Midlands is reported to have experienced an annual increase in property values by 0.3% and there has been a monthly increase of 0.2% making the average price now £123,404.00. Leicestershire is reported to have experienced an annual decrease of 0.3% but again a monthly increase of 0.3% making the average price now £145,546.00.
The number of repossession properties has also decreased in the East Midlands by 24% in the last year.
Sarah Newcombe is an Associate Solicitor and Head of the Conveyancing Department at BHW Solicitors in Leicester. Sarah can be contacted on 0116 281 6236 or by email at sarah@bhwsolicitors.com.