Tuesday, May 11 2004

The price of an average house has risen by 14.06% since this time last year, from £145,897 to £166,404 according to the latest figures from the Land Registry.

All regions in the country showed an increase in prices with Wales rising the most, by 27%, the North increasing by 24% and the North West by 22%.

London and the South East, however, showed slower rises of 9% and 8.2% respectively, indicating that regions where property is cheaper are the areas where prices are rising most quickly.

The volume of sales was also found to have increased since last year by 12.3%, from 217,262 sales to 243,914

Altogether 795 properties over £1 million were sold, 470 of which were in Greater London.

The Land Registry figures agree with the findings of the Office of the Deputy Prime Minister yesterday, which calculates price rises in a similar way. The Registry bases its findings on completed house sales rather than asking prices, which many see as a more accurate reflection of the market, albeit coming later than other analysis.