MyFinances.co.uk
News feeds Free newsletter

All the latest personal finance news - helping you make the most of your money

Mortgage news
London continued to pull house prices higher in April
    • Paying too much for your mortgage?

      myfinances.co.uk can help you search the market and compare mortgages so you don’t have to. Fill in one simple form, tell us about yourself and the mortgage you're looking for and we'll help you find the best mortgage rates for your circumstances.

Mortgage features 

  • Equity release from pensioner poverty?

    Can money troubles be released with equityWith savings and pension funds depleted by the recent economic turmoil, pensioners are looking for other ways to supplement their pension and many are using their house as a way of generating cash.   More...

London leads house prices in April

Wednesday, 30 May 2007 14:59
House prices rose in April as London continued to pull the national market higher.

New figures from the Land Registry, which records the price of every home that changes hands in England and Wales, show last month the average home cost £179,935.

This is 0.6 per cent higher than the month before and 9.1 per cent higher than in April 2006 - the largest annual rise for almost two years.

House price rises in London are driving much of this growth, with prices up 2.3 per cent in April and 15.6 per cent over the last year.

However, experts highlighted the fact the Land Registry figures reflect completed sales, and so is often behind the market.

"The acceleration in price growth reflects the strength of the market in previous months but does not signal further strength in the future," said David Stubbs, senior economist at the Royal Institution of Chartered Surveyors.

"Price rises will moderate as the year progresses. Demand will pull back in the face of higher mortgage interest rates and terrible affordability problems amongst first-time buyers.

"London's out-performance will remain as business and financial services continue to provide the source of much of the UK's economic growth."

Over the last year all regions of England and Wales saw average prices rise. The highest rise was in London (15.6 per cent) the lowest in the East Midlands (six per cent).

Comment on this story... 

Name 

Location 

Email 

Comment 

Enter the text shown to the right

By submitting this form you agree to our website terms of use and our privacy policy.

Ask the mortgage expert 


Disclaimer:
myfinances.co.uk is not authorised to give advice under the Financial Services and Markets Act 2000.

Terms:
By using this site, you are deemed to have accepted our terms of use.

Free brochures 

myfinances poll 

Remortgages: Wait or fix? We want to know what your mortgage plans are. Vote now.

Free stuff 

Sign up for our free daily newsletter and other free stuff.