London leads property price growth

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London leads property price growth

In April London premises prices increases at more than double the rate of the next closest region rising 1.3 per cent over the month compared with a 1.1 per cent increase for Wales.

London's annual abode price growth is also well ahead of the rest of England and Wales' regions at 15.6 per cent compared with the south-east's annual inflation of 9.6 per cent.

By contrast dwelling price in the east Midlands have risen six per cent over the same 12 month period.

However residence prices in four regions fell in April with Yorkshire and the Humber experiencing the largest fall at 1.1 per cent followed by the north-west (down 0.5 per cent) the south-west (down 0.3 per cent) and the north-east (0.2 per cent). residence prices in the West Midlands stayed level.

"The April data shows the current rate of increase for London dwelling prices is over six
per cent per annum greater than that of England and Wales as a whole " the Land Registry noted.

"This is the largest divergence in the last two years when London lagged behind the rest of the country by approximately six per cent.

"The divide in annual growth between London and England & Wales has averaged 3.6 per cent over the last six months. The average price for Greater London in April 2007 stands at £333 785 whereas the average price for England and Wales is £179 935."

"The Land Registry figures are yet another reminder that the housing market was slowing even before the latest rate rise " commented Nicholas Leeming director of Propertyfinder.com.

"In some regions home prices are actually falling – the moderate 0.6 per cent growth from March to April was buoyed by prices in London and the south-east.

"Since April the market has had to contend with another rate rise as well as the surge in supply prior to the Hips [home information packs] debacle. May has seen a series of hurdles for an already flagging market. It is quite clear that the housing market has already responded to higher interest rates."

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