Official government figures suggest house price inflation is now slower, as residential properties in England and Wales grew by an average 11.8% in the last quarter of 2004.
Statistics presented by the land Registry indicate the average house price for the last three months of the year stood at £189,920 – an annual increase of 11.82% from £163, 564 compared with an increase of 12.62% in Q4 2004.
That said, the volume of sales has dropped by almost a quarter (23.8%) from 301,405 in 2003 to just 229,724 – again suggesting purchase of new houses is being slowed by the romp of property prices over recent years.
In Greater London, the average property price has reportedly climbed at a slower rate between October and December 2004 as values rose 6.15% From £260,659 in Q4 2003 to £276,6989 in the same period last year.
That said, Greater London is still the most popular location of million-pound properties as 436 were sold from a total of 765 across England and Wales, and 93 of these cost over £2m .
Regional house prices and property increases, as calculated by the Land Registry, are:
|Region||Oct-Dec2003 average price||Oct-Dec2004 average price||% Increase|
|ENGLAND & WALES||£163,584||£182,920||11.82%|
|YORKS & HUMBER||£112,351||£133,224||18.58%|
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