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Friday, 8 November, 2002, 00:08 GMT
House prices shoot up 18%

The average house price in England and Wales increased by 18% during the year to September.

In its latest report on house prices, the Land Registry found that an average property in England and Wales is now worth 146,150.

This compares with an average value of 123,856 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 July to September period.

Open in new window : UK property market
The house price boom
The Land Registry added that all economic regions in England and Wales have experienced an increase in average house prices.

Meanwhile, the number of properties sold increased by 6.44% to 328,184 from 308,323 during the same period in 2001.

The figures provide a valuable snapshot of the housing market, amid debate that it could be cooling at last.

The Nationwide mortgage lender said at the end of October that Britain's house prices had shown "tentative" signs of slowing.

Nevertheless, house prices overall were still 24% higher than October last year, it added.

All regions

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

Prices increased by 23.64% in the year to September.

The average home now costs 134,051 compared to 108,419 a year ago.

South West: Property prices rose by 23.12% in the year to September - the second strongest region in England and Wales.

The average home now costs 152,392 compared to 123,773 a year ago.

East Midlands: Property prices rose by 23.04% over the last year.

The average home now costs 106,366 compared to 86,450 a year ago.

West Midlands: Prices have risen by 20.87%.

The average property now costs 116,072 - up from 96,033 a year ago.

Yorks & Humber: Property prices rose by 19.29% on average in the year to September.

The average property now costs 89,057 - up from 74,658 a year ago.

Wales: Prices rose by 18.72% in the year to September.

The average home now costs 87,255 compared to 73,497 a year ago.

South East: Property prices rose by on average 18.64% last year.

The average home now costs 185,175.

Average prices have increased from 156,079 a year ago.

North West: Property prices rose by an average 16.54% in the year to September.

The average home now costs 90,709 - up from 77,835 a year ago.

Greater London: Property prices rose by an average 14.98% in the year to September.

The average home now costs 248,609 - up from 216,210 a year ago.

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

But prices still rose by 13.83%. The average home now costs 80,188 - up from 70,448 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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The BBC's Rebecca Pike
"It shows prices rising faster than at any time since the survey started"

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See also:

01 Nov 02 | Business
31 Oct 02 | Business
04 Oct 02 | Business
08 Aug 02 | Business
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