Regional variances in house price growth…
Overall it revealed that the average house price across England and Wales had risen over the past 12 months by £15,000 to £161,783.
However, this overall increase masks marked fluctuations across the various regions of the two countries.
The strongest growth was seen in the South East, which saw prices rise by 5% driven by 6.1% growth in London. This was closely followed by the East of England where the average price grew by 3.2%.
The East of England growth was fuelled by stronger than average growth in both Cambridge and Milton Keynes.
Staffordshire and West Midlands house prices grew by 2.1% over the past year, while the region around Northamptonshire and Buckinghamshire saw prices increase by 1.2%.
The worst hit regions included Wales where prices fell by 2.5%. Also affected were the North West where the average price dropped 0.9% and the North East, which showed a trend of minus 0.5%.
Average prices in the Yorkshire and Humberside region remained flat through the year.
These changes now mean that the regional average price increase for each region across England and Wales is now showing as follows:
London - £324,352
South East - £204,275
East of England - £171,660
South West – 170,940
Staffs/West Midlands - £135,549
East Midlands - £127,489
Wales – £122,024
North West - £117,959
North East - £113,818
