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Wednesday, February 24, 1999 Published at 07:36 GMT


Business: The Economy

House prices up, sales down

Oldies are out: House buyers prefer new properties

Property prices in England and Wales have risen by 5.88% during the last year, according to figures published by the Land Registry.

At the same time, though, the number of sales dropped sharply, by 10.61%.

Predictably, prices rose at different speeds across the country, with properties in the South East and London appreciating sharply by 8.77% and 7.48% respectively.

In Yorkshire and Humberside it was a buyer's market, with prices rising only 0.02%.

Below-inflation prices increases were registered in the North West (2.22%) and Wales (2.47%) as well.

Owners of flat and maisonettes saw the value of their properties rise the fastest - by 29% from an average of £98,323 in 1997 to 126,903 at the end of 1998.

During the last quarter of 1998, a semi-detached house cost on average:

  • North: £54,857
  • North West: £57,837
  • Yorkshire & Humberside: £52,411
  • Wales: £52,403
  • West Midlands: £60,717
  • East Midlands: £50,800
  • East Anglia: £59,882
  • South West: 120,839
  • Greater London: £144,094
New houses are all the rage with house buyers, while the owners of old terraced houses find it difficult to achieve high prices.

The Land Registry publishes its survey of the housing market in England and Wales every quarter.



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