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UK property prices on the up again


29th October 2012 | back to article listings BACK    print this article PRINT

The latest official statistics have revealed that UK property prices have experienced their strongest annual growth for nearly two years.

The figures, which come from the Land Registry, show that the average cost of a house in England and Wales increased by as much as 1.1% to 162,561 in September, which is the biggest year-on-year rise since November 2010.

However, there are significant geographical variations in the market and the East, the South West, the South East and London are responsible for much of the growth, while a number of other regions are still suffering.

London is still driving up the average, with the largest year-on-year increase of 5.5% taking the typical property sale to 363,802.

Meanwhile, prices in the North East have been hit hardest recently with a fall of 3.2% lowering the average to 99,163. And other areas across the North, the Midlands and Wales also experienced price decreases.

The average nationally has begun to start climbing gradually again since May though, after a year-on-year price drop was recorded in every month between January 2011 and April 2012.

Copyright Press Association 2012


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