House prices rise over 10% from 2002

The average house price in England and Wales is now £161,665 &#45 over £10% more than a year ago.

The Land Registry&#39s third quarter property price report shows that the average price has increased by 10.62% from £146,150 in 2002 to £161,665 in 2003. The report also reveals that the volume of sales has decreased by 11.44% from 328,184 in 2002 to 290,637 this year.

In Greater London, the average property price has increased by 5.40% from £248,609 in 2002 to £262,044 in 2003, while the volume of sales has fallen by 17.76% from 44,202 in 2002 to 36,353 in 2003.