Month-on-month increase in house prices recorded

Posted 28/07/2009

Property values in England and Wales went up by 0.1 per cent last month, new figures have revealed.

According to the Land Registry, this is the first time that house prices have seen a month-on-month increase since early 2008.

Property values in the East of England rose by 0.2 per cent in June, which means average prices in the region are now up to £161,451.

Despite the positive increase, the Land Registry has urged people not to expect a full recovery in the housing market.

“The movement does not signal a return to solid growth, but rather flattening prices,” the organisation commented.

People looking to make a property purchase will still find that values are much lower than they were a year ago.

Average house prices were said to be 14 per cent down on the figure recorded in June 2008.

This comes shortly after Hometrack stated that factors such as rising unemployment and limited access to mortgage finance are hampering the possibility of a recovery in the housing market.