Land registry: House prices increasing
House prices in England and Wales continued to increase at the end of last year, which may mean the majority of UK properties continue to be unaffordable for many consumers.
According to figures from the Land Registry, property prices increased 0.1 per cent in December when compared with November, meaning the average house now costs £161,783.
December was also the eighth month in a row where the monthly change was higher than zero.
In London, this monthly change stood at 1.2 per cent, with an annual change of 6.1 per cent - far higher than elsewhere in the UK.
This sees the price of the average London property standing at £324,352, which could be out of the price range of the majority of consumers and may see them instead saving money by choosing flats to rent in Blackheath or elsewhere in the capital.
Meanwhile, the Financial Services Authority recently announced new guidelines designed to protect consumers in a sale and rent back scheme.
Written by Martyn Glynn
Published 1st February, 2010
© 2010 Estates IT Limited
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