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Thursday, 8 August, 2002, 12:26 GMT 13:26 UK
House prices rise by nearly 14%

Property prices rose 13.5% in the year to July, figures have shown.

The Land Registry said this was the biggest increase since 1996 when it began collecting the figures.


The urgent need for new affordable housing could not be clearer

Liberal Democrat Treasury spokesman
The average cost of a home in England and Wales has now risen to 133,247 from 117,398 a year ago.

The figures - the most comprehensive measure of property prices - collate the price paid for every English and Welsh home sold in the April to June period.

The Land Registry's figures indicate prices are rising less rapidly than some mortgage lenders have suggested.

Halifax and Nationwide reports have said that house prices are rising by about 20% a year.

'Out of control'

In the Land Registry survey, all major regions of England and Wales showed an increase in average prices, but prices rose fastest in East Anglia and the South West of England.

In East Anglia prices have risen by 19.8% over the past year.

The average price of a property is now 120,315, nearly 20,000 more than a year ago.

In the South West, property prices have increased by 18.4%.

Edward Davey MP, Liberal Democrat Treasury spokesman, said failure by the government to take action over spiralling house prices, and ensure low cost housing for key workers, might be "its undoing".

"The housing market is out of control," he said.

"The urgent need for new affordable housing could not be clearer."

In London, house prices grew by 13.2%, compared with a national average of 13.5%, taking the price of the average home in the capital to 232,830, from 205,831 a year ago.

Full details of house prices by region can be found on the Land Registry's website (see link on right).

All regions

East Anglia: Property prices rose fastest in this region, compared to all other regions of England and Wales.

Prices increased by 19.82% in the year to July.

The average home now costs 120,315 compared to 100,413 a year ago.

South West: Property prices rose by 18.38% in the year to July - the second strongest region in England and Wales.

The average home now costs 136,881 compared to 115,633 a year ago.

East Midlands: Property prices rose by 15.90% over the last year.

The average home now costs 96,636 compared to 83,381 a year ago.

Wales: Prices rose by 15.13% in the year to July.

The average home now costs 79,397 compared to 68,963 a year ago.

West Midlands: Prices have risen by 14.30%. The average property now costs 105,590 - up from 92,377 a year ago.

South East: Property prices rose by on average 13.88% last year.

The average home now costs 168,111 - well above the national average.

Average prices have increased from 147,617 a year ago - a rise of about 20,000.

North West: Property prices rose by an average 13.75% in the year to July.

The average home now costs 83,505 - up from 73,408 a year ago.

Greater London: Property prices rose by an average 13.12% in the year to July.

The average home now costs 232,830 - up from 205,831 a year ago.

North: Property prices rose at 11.66% on average in the year to July.

The average property now costs 73,444 - up from 65,773 a year ago.

Yorks & Humber: As a region, it experienced the slowest house prices rises over the last year.

But prices still rose by 11.23%. The average home now costs 81,364 - up from 73,150 a year ago.

Further information:

The Land Registry produces a quarterly property price survey.

The figures represent all completed property transactions in England and Wales.

The surveys produced by Nationwide and Halifax, however, are based on mortgage approvals.

This may partly explain why the Land Registry's figures tend to be more conservative than those produced by the lenders.

Further price data by household type and local authority can be found on the Land Registry's website (see link on right).


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