Completed house sales up 12% on last year, says Land Registry data

The monthly change from May to June shows an increase of 0.6 per cent. Repossession volumes decreased by 26 per cent in April 2013 to 1,185 compared with 1,599 in April 2012.

The region in England and Wales which experienced the greatest increase in its average property value over the last 12 months is London with a movement of 6.9 per cent - London also experienced the greatest monthly rise with a movement of 3.1 per cent.

The region with the greatest annual price fall is the North East with a decrease of 3.8 per cent, which also saw the most significant monthly price fall with a decrease of 2.2 per cent.

The most up-to-date figures available show that during April 2013, the number of completed house sales in England and Wales increased by 12 per cent to 48,367 compared with 43,252 in April 2012.

David Brown, commercial director of LSL Property Services, comments:

“This tops off a week of great economic news. House prices are rising three times faster than GDP, and will provide a serious confidence boost for homeowners.  That same optimism on house prices will feed through to building activity, and that may help moderate prices in the longer term.  The construction industry grew by 0.9% in the second quarter, so this could already be having some effect.

“However, there’s still a need for caution.  House prices are growing four times faster than wages – which is pushing the affordability of homes out of reach for the majority of first-time buyers.  And harsh savings rates are making that battle for a deposit all the tougher – just as the latest inflation has unleashed another blow to bank balances. The housing market isn’t so much a ladder as a lift – and the ground floor button still needs mending.  However – zero rent rises in June were a major piece of good news, and will be a relief for tenants still making use of the flexibility and relative affordability of renting.”