RICS: Land Registry October house price data

Commenting on the latest Land Registry figures published today, Oliver Gilmartin RICS senior economist said: "House prices continued to move higher by 0.6% at a national level consistent with all the major indices with the level of transactions continuing to improve. However, there remains a wide variation in the strength of the pricing recovery between the regions. Average house prices in London grew at over £4000 during October whilst Wales witnessed price falls of over £2000. House prices are set to rise further in the coming months supported by an ongoing shortage of property listings relative to demand.

"That said, renewed challenges are set to face the market in 2010 particularly in some regions where unemployment will remain elevated. In particular, the ending of the extended zero band on stamp duty in the new year could have a disproportional impact on those markets outside London and the South East."