Page last updated at 15:32 GMT, Friday, 27 November 2009

House prices still increasing, Land Registry says

Sold signs
Prices in England and Wales have risen for five months in a row

House prices in England and Wales continued rising in October, climbing by 0.6% according to the latest survey from the Land Registry.

It was the fifth month in a row that prices had risen, the Land Registry said.

That put the average house price at £159,546, although that was still 3.4% lower than a year ago.

The biggest monthly rise was 1.9% in north-west England, while the biggest fall was 2.3% in Wales.

"There remains a wide variation in the strength of the pricing recovery between the regions, said Oliver Gilmartin, economist at the Royal Institution of Chartered Surveyors.

"Average house prices in London grew at over £4,000 during October whilst Wales witnessed price falls of over £2,000," he added.

"House prices are set to rise further in the coming months supported by an ongoing shortage of property listings relative to demand."

The consultancy Capital Economics predicted that the rise in prices of the past few months would soon run out of steam.

"The shortage of available property may mean that prices continue to increase in the near-term, but with employment set to fall further, we expect house prices to resume their downward trend in 2010," it said.



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