House prices up 0.9% in September
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House prices rose by 0.9% in September, show the latest figures from the Land Registry.
The annual drop of 5.6%, up from a low of -16.3% in February, takes the average house price in England and Wales to £158,377.
London experienced the greatest monthly price rise with a movement of 1.3%. The average property price in the capital is now £314,954.
All regions experienced a decrease in their average property values over the last 12 months.
The region with the most significant annual price fall was the North East with a movement of -8.2%. Neath Port Talbot experienced the greatest annual price fall with a drop of 18.7%.
The most up-to-date figures available show that during July 2009 the number of completed house sales in England and Wales rose by 9% to 57,579 from 52,628 in July 2008.
Monthly sales in England and Wales have risen steadily each month since January 2009 when they stood at 26,662.
Paul Hunt, managing director of Phoebus Software, says: “This is good news and sits nicely with the findings from Nationwide. Last month they reported prices were up for the fifth month in succession.
“But let’s remember, even with this increase, we’re still 14% down on the peak prices we saw in January 2008.
“The recovery is probably going to be fragile - very limited housing market activity, rising unemployment, and the increase in the number of available homes are all capable of derailing the market.
“That makes me think the current rally may not be sustainable and could fizzle out before it’s had a chance to take hold.”
