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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.
The January/February 2012 issue of Your Mortgage is on sale now. In it we feature expert predictions on what will happen to house prices, interest rates and the wider economy in 2012. We also explain the latest State help for first-time buyers, weigh up the relative merits of offset mortgages, and offer handy hints and tips on making sure you have the right home insurance in place. Plus we have all the regular features and our invaluable mortgage basics section. Get your copy now for the latest news, information and help
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