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