House prices in London ‘now at 2006 levels’

House prices in England and Wales are now at similar levels to those seen in the summer of 2006, according to the Land Registry.

However, property values crept up by just 0.1% from May to June, taking the average cost of a house to £166,072.

Prices were 8.4% higher than a year ago, marking the eighth consecutive monthly rise in year-on-year prices.

Various commentators have suggested that house prices are likely to remain relatively static in 2010.

The Land Registry’s survey is widely regarded as the most authoritative, although it only covers England and Wales.

Regional breakdown

All regions of England and Wales have seen average property prices rise in the year to June, the Land Registry said.

The highest increase was in London – up 12.2% – with the smallest in the North East of England – up 0.7%.

However, the North East has seen typical house prices drop by 1.3% in the month from May to June. The highest month-on-month rise was in Wales, up 2.9%.

REGIONAL RISE

  • Biggest annual rise – London: 12.2%
  • Biggest monthly rise – Wales: 2.9%

Source: Land Registry

bbc.com