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THE GUARDIAN |
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House prices rise
12%, says registry In its latest
property price report,
published today, the Land
Registry said the average
house price in England and
Wales rose 12.6% between the
last three months of 2002 and
the corresponding period last
year - from £145,251 to £163,584.
Every region has seen
prices rise, with Wales
topping the table with a 24.5%
surge in prices during the
period, and Greater London
propping up the bottom with a
7.8% rise. The detailed figures
reveal how the boom has spread
across England and Wales, with
every non-London county and
unitary authority bar one
notching up price growth over
the year in question. The one
exception was former star
performer Windsor &
Maidenhead, where the average
property price has fallen
slightly to £310,668 from £322,101
a year earlier. While London as a
whole experienced more modest
house price growth, the 7.8%
rise masks wide variations.
Among the surprise winners was
Kensington & Chelsea,
which was already London's
most expensive borough. While
some might have thought prices
there could not go much
higher, homeowners have
typically seen more than £100,000
added to their property's
value over the year. The
average price tag has jumped
from £581,561 to £689,917. The two losers were
former high-flyers Islington
and Camden. In Camden, £21,300
was lopped off the typical
property value during the
period, with the average price
falling to £378,336. The
price fall in Islington was
smaller: from £301,589 to £285,971.
The Land Registry's
figures are based on the vast
majority of property sales.
But some mortgage lenders
claim they are fairly crude
and argue that their own
figures give a more up-to-date
picture. The
Halifax last week said that
average home prices jumped
2.2% in January following
December's 2% rise. The latest
increase added £3,200 to the
typical price tag.
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