House prices up 0.6% in April

House price change in England and Wales remained positive for residential property transactions that completed in April 2007, according to figures from the Land Registry.

Although the rate of monthly increase is slightly less than the previous month, the change of 0.6 per cent raises the average house price to £179,935 in this month. The annual change in house prices is 9.1 per cent.

The data for this month continues to show one of the highest annual increases in almost two years. A year ago, in April 2006, the annual price change was 4.1 per cent, less than half the 9.1 per cent annual price change in April 2007.

London sales drive house prices in England and Wales

The April data shows the current rate of increase for London house prices is over six per cent per annum greater than that of England and Wales as a whole. This is the largest divergence in the last two years, when London lagged behind the rest of the country by approximately six per cent. The divide in annual growth between London and England & Wales has averaged 3.6 per cent over the last six months.

The average price for Greater London in April 2007 stands at £333,785 whereas the average price for England and Wales is £179,935.

Price change by region

All regions in England and Wales experienced average price increases over the last twelve months.

The region with the highest annual price change is London with an increase of 15.6 per cent.

The region with the lowest annual price rise is the East Midlands, with an increase of 6.0 per cent.

London experienced the highest monthly change, with an increase of 2.3 per cent.

Yorkshire and the Humber experienced the largest negative price movement this month with a change of -1.1 per cent.

Price change by county

Greater London and Brighton and Hove experienced the highest annual price change both with an increase of 15.6 per cent. Eighteen other counties and unitary authorities also exhibited annual price increases of over 10 per cent.

No county or unitary authority experienced negative annual price change this month.

Ceredigion experienced the strongest monthly growth in April with an increase of 6.2
per cent.

Neath Port Talbot had the most significant monthly price fall during April with a movement of -2.8 per cent.

City of Derby exhibited no monthly price movement.

Price change by metropolitan district

The metropolitan districts with the highest annual price increase are Manchester and Bradford, rising by 10.7 per cent.

The highest monthly price increase was in South Tyneside, with a rise of 2.3 per cent.

South Tyneside experienced annual growth of 1.5 per cent, making it the lowest performing metropolitan district in terms of annual price change this month.

Rochdale experienced the largest negative monthly price movement, with a fall of 0.6 per cent.

Price change by London borough

The borough with the highest annual price increase is Kensington and Chelsea, rising by 24 per cent.

The borough with the highest monthly price increase was Hammersmith and Fulham, with a rise of 2.7 per cent.

Barking and Dagenham experienced an annual growth of 4.1 per cent, making it the lowest performing borough in terms of annual price change.

Barking and Dagenham also experienced the highest negative monthly price movement, with a fall of 0.2 per cent.

Sales volumes

In the months November 2006 to February 2007, transaction volumes averaged 96,994 transactions per month. This is an increase from the same period last year when sales volumes averaged 88,069.

The pattern of transaction volumes in London continues to mirror the rest of the country. Price index volatility is greater in areas where recorded sales volumes are low. Index volatility leads to erratic and high changes in price.

Some of the areas that typically have very low transaction volumes include but are not limited to the following: City of London, Rutland, Isle of Anglesey, Merthyr Tydfil, Blaenau Gwent, Ceredigion and Torfaen.

Data for the two most recent months are not used as comparisons due to the lag in the registration of sold properties.

Sales volumes by price range

The number of properties sold in England and Wales for over £1 million increased 48 per cent between February 2006 and February 2007, from 293 to 435.

The number of properties sold in London for over £1 million also increased by 48 per cent between February 2006 and February 2007, from 183 to 271.