House prices rise 0.6% in October: Land Registry

The Land Registry has revealed that house prices rose by 0.6% in October, the fifth month in a row prices have increased.

However, house prices are still down 3.4& on this point last year, but this is the sixth month in a row in which the fall in annual change has decreased. The average house price in England and Wales now stands at £159,546.

All regions in England and Wales experienced a decrease in their average property values over the last 12 months. The region with the most significant annual price fall was the West Midlands with a movement of -6.3%. The North West experienced the greatest monthly rise with an increase of 1.9%. Wales was the region with the most significant monthly price fall with a reduction of 2.3%.

The most up-to-date figures available show that during August 2009 the number of completed house sales in England and Wales rose by 11% to 53,236 from 48,109 in August 2008. Transaction volumes, while no longer falling at 2007 rates, remain relatively low.