House prices rose by 0.6% to an average of £172,006 in November, according to the latest figures from the Land Registry.
After robust growth in September and October, the Land Registry says the November monthly growth rate of 0.6% reflects a calmer market, but the rate is still twice the size of the average monthly growth rate in 2005.
After six months of outperforming the rest of the country, house price growth in London has shown a slight weakening, falling 0.6% from October to an average £304,912.
Nevertheless, London prices have increased more than England and Wales over the last 12 months – the annual growth in November is 7.8% compared with 6.8% in England and Wales as a whole.
The region with the highest annual price change is the East with an increase of 8%, while the East Midlands has had the lowest annual price rise of 4.7%.
The West Midlands experienced the highest monthly change, with an increase of 2%.
The figures also reveal in the months June to September 2006, sales volumes averaged 100,216 transactions per month compared with 98,856 in the same period the previous year.
The number of properties sold in England and Wales for over £1m increased 35% between September 2005 and September 2006 from 410 to 552.
If you have any comments you would like to add to this story or would like to speak to its author about a similar subject, telephone Emily Perryman on 020 7968 4554 or email [email protected].IFAonline
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