House prices return to August 2007 levels
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House prices in England and Wales have risen for 11 months in a row to put the average house price back at levels last seen in August 2007.
The latest house price index from Acadametrics, based on actual transaction prices and using Land Registry data, shows the average house price in March stands at £227,788.
Acadametrics estimates that the average price of property transactions in March was 1.1% higher than in February and is up 13.4% compared to the same time last year.
There were approximately 10,000 more homes sold in February than in January, but February’s monthly total of 45,000 transactions is below the 51,570 monthly average for 2009.
The average house price in London has climbed to £376,605, a record high.
Dr Peter Williams, chairman of Acadametrics, says: “Transaction numbers remain relatively low such that small pockets of demand can exert a higher influence on price than one would see in a more active market.
“This might also explain some of the differences between this index and mortgage-based indices.
“We have noted that in all the high value areas prices have increased but transaction levels have remained fairly constant.
“This would either suggest that prices in these areas have actually increased, or that the higher value properties in these areas have been changing hands more frequently than is the norm - it may well be a combination of the two factors.”
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Readers' comments (9)
Marc d'Espagnac | 9 Apr 2010 12:43 pm
This report is reeks of spin and propaganda. The Land Registry is a Government department and a General Election is looming. There is no way that house prices are at August 2007 price levels. According to Halifax index, the price of a property (including flats) is £164,000. In August 2007, it was £200,000. I live in a house and today my house is worth about £330k and i live in a respectable area between Bournemouth & Poole. My house was worth £370k in August 2007. Oh, did i forget to mention the Land Registry does not show the sales of repossessed properties? I think Acadametrics ought to use more reliable sources rather than the Land Registry. Its all about manipulating figures with the Government. Don't trust them or any policitian.
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Anonymous | 9 Apr 2010 12:45 pm
Fantastic news!
Now all we need is the lenders to start lending again at the August 2007 levels and everyone will be happy again...so that's not going to happen!
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Anonymous | 9 Apr 2010 12:58 pm
Really! well will someone please tell the surveyors and lenders that then, and i can relax and know my kids will be fed the rest of the year, following the mass of commisions i'll get from re-mortgages!
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Anonymous | 9 Apr 2010 2:31 pm
No way this is true! My property is still 5-7% below the price I bought it for in September 2007 and I had it valued by 3 agents last week.
Is there an election looming?
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Anonymous | 9 Apr 2010 4:40 pm
I would rather have more positive spin stories than negative. Once we have hit the bottom with unemployment and house prices we need positivity to help reverse the negative confidence scores. Although the report is clearly selective in its reporting (what journalism isn't) it is better for all of us than pedalling doom and gloom.
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Anonymous | 9 Apr 2010 6:01 pm
Would love to meet the person who is currently selling at a price comparable with August 2007
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Anonymous | 9 Apr 2010 6:34 pm
Not Bad at all! But, why do surveyors render some properties that were bought, valued and registered on the land registry in same 2007 and earlier dates, not fit or good security for lending? Does it mean the previous surveyor, was incompetent or the the previous lender was negligent? Or is it all scape goating for the public gallery? We will never know, will we?
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Anonymous | 9 Apr 2010 8:03 pm
Well said anon 4.40. We have had far too much negative press in recent times. Doom and gloom breeds doom and gloom. Positive news no matter how little can only be good for the feel good factor which will lead to reality. If people believe it is true then it is.
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Michael Smith | 11 Apr 2010 10:31 am
There is no way property prices are at Aug 2007 levels. I own two properties in different regions of the UK and both are still at post-crash levels.This is just more pre-election spin. "As we are told, so we shall think and so it shall be", dream on...
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