House Prices on the increase (at last!)
Finally house prices are on the increase!
According to reports taken from recently published Land Registry data it has been identified that the average price of homes in both England and Wales has almost reached the similar figures to those of the 2007 market when prices were at their peak.
The Land Registry data generally showed a 5.1% annual increase in house prices to take the average value of properties to £179,817. It should be noted that this is less than £2,000 from the £181,014 peak which was recorded pre economic slump back in November 2007.
Semi-detached houses were seen to be the main catalyst in the house price growth. Prices for Semi-detached properties were reported to have been generally rising by 5.6% over the course of the year. The market for flats/apartments saw an increase of 5.4%. This increase saw the flat/apartment market growing such and becoming the second largest in the housing sector.
Regionally there were no major surprises when it came to house prices where the London region recorded the biggest increases (up by 10.1% over the previous 12 months) whereas Wales by contrast saw an increase of just 0.3% although cities such as Cardiff and Swansea have reported 11.2% increases.
One area that has seen a high % growth in house prices a little closer to House Crowd HQ is the South East Manchester district of Trafford. Possibly not the best news for first time buyers in the area but there has been an increase of 9.2%. The proximity of Trafford to retail hubs such as the Trafford Centre, the introduction of the Metrolink tram system linking the commuter belt with the Manchester city centre and the regeneration and relocation to Salford’s Media City by the BBC will no doubt have influenced these increases.
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