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08/08/2006
House prices soar to nearly £200,000
House prices in England and Wales have risen to nearly £200,000 according to the latest figures published by the Land Registry.
The price of an average home in England and Wales has increased by 7.71%, from £184,924 to £199,184 in one year.
This report, which covers the period of April to June 2006, coincides with recent Nationwide and Halifax data, which predicted the continuing rise in house prices.
The Bank of England, however, substantially raised interest rates from 4.5% to 4.75%, leading analysts to speculate this could damage demand for new housing in the near future.
Sales in England and Wales were also up by 24%, compared with the same period the previous year.
Houses in the North showed the greatest increase, with an 11.13% rise in value to £137,861 from £124,055, while at the other end of the scale, East Anglia went up only 4% in value from £174,929 to £181,925.
London property sales rose by 26.7%, to £317,679 - roughly 10 times more than the average wage in the capital, leading to concerns that prices of homes are rising at an alarming rate compared with income.
(JM/SP)
The price of an average home in England and Wales has increased by 7.71%, from £184,924 to £199,184 in one year.
This report, which covers the period of April to June 2006, coincides with recent Nationwide and Halifax data, which predicted the continuing rise in house prices.
The Bank of England, however, substantially raised interest rates from 4.5% to 4.75%, leading analysts to speculate this could damage demand for new housing in the near future.
Sales in England and Wales were also up by 24%, compared with the same period the previous year.
Houses in the North showed the greatest increase, with an 11.13% rise in value to £137,861 from £124,055, while at the other end of the scale, East Anglia went up only 4% in value from £174,929 to £181,925.
London property sales rose by 26.7%, to £317,679 - roughly 10 times more than the average wage in the capital, leading to concerns that prices of homes are rising at an alarming rate compared with income.
(JM/SP)
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