Page last updated at 12:15 GMT, Tuesday, 28 July 2009 13:15 UK

First 2009 rise for house prices

Sale signs
House prices are still much lower than a year ago

House prices in England and Wales have risen month-on-month for the first time since January 2008, according to the Land Registry.

The 0.1% rise in June compared with May brought the value of the average home to £153,046, the survey found.

It said that the figures revealed a "flattening" of prices, although the value of the average home was down 14% on the same month a year earlier.

The survey compares the price of homes sold now with the price paid before.

"This is the first time in well over a year that the monthly change has been positive," the Land Registry survey said.

"However, as the monthly increase is only 0.1%, the movement does not signal a return to solid growth, but rather flattening prices."

Regional breakdown

The survey is widely considered to be the most authoritative property price survey because it measures the change in prices by recording completed sales rather than mortgage data.

MONTHLY RISE
London: up 2%
West Midlands: up 0.5%
South West: up 0.4%
South East: up 0.3%
East: up 0.2%
Source: Land Registry figures for June compared with May

Over the year to June, prices of detached homes in England and Wales have fallen the least, by 12.2%, the data revealed.

Semi-detached homes (down 14.3%), terraced houses (down 14.6%), and flats or maisonettes (14.8% down) all witnessed bigger falls in value.

During the same period prices fell the most in the north-east of England, a fall of 15.9%, and the least in the West Midlands, which saw a drop of 11.9%.

There was a divided picture across England and Wales for property values in June compared with May. Five areas showed a rise in prices and five showed a fall.

The rises were in London (up 2%), the West Midlands (up 0.5%), the South West (up 0.4%), the South East (up 0.3%), and the East (up 0.2%).

The falls were in the North East (down 0.1%), the North West (down 0.9%), the East Midlands (down 1.1%), Wales (down 1.1%), and Yorkshire and the Humber (down 1.2%).

Sales

The average price for a home in London is now £301,859. In the North East it is £106,424.

MONTHLY FALLS
North East: 0.1%
North West: 0.9%
East Midlands: 1.1%
Wales: 1.1%
Yorkshires and the Humber: 1.2%
Source: Land Registry figures for June compared with May

On a local authority level, Middlesbrough experienced the smallest annual house price fall in June, down 7.9%, with Luton seeing the biggest fall, down 23%.

The slump in activity in the housing market at the start of the year was revealed by the number of transactions, which dropped to 30,997 in January to April, from 59,948 during the same period a year earlier.

This affected all sectors of the market, but was at its peak among the largest properties in England and Wales. There were 100 homes sold for more than £2m in April 2008, but a year later this had dropped to 36.

Reacting to the survey, David Smith, senior partner at property consultancy Carter Jonas said: "Mathematically speaking, prices rose in June, but in reality they are not so much rising as bottoming out."



Print Sponsor


RELATED INTERNET LINKS
The BBC is not responsible for the content of external internet sites



FEATURES, VIEWS, ANALYSIS
Has China's housing bubble burst?
How the world's oldest clove tree defied an empire
Why Royal Ballet principal Sergei Polunin quit

BBC navigation

BBC © 2014 The BBC is not responsible for the content of external sites. Read more.

This page is best viewed in an up-to-date web browser with style sheets (CSS) enabled. While you will be able to view the content of this page in your current browser, you will not be able to get the full visual experience. Please consider upgrading your browser software or enabling style sheets (CSS) if you are able to do so.

Americas Africa Europe Middle East South Asia Asia Pacific