London still pulls in with house prices higher in April than anywhere else.
New figures, care of Land Registry, record the price of every home that swaps hands in England and Wales, showing that the average home cost £179,935 in April.
That is 0.6% higher than the month before and 9.1 higher than in April 2006, which is the largest annual rise for two years.
London house price rises are driving most of this growth, with prices up 2.3% in April and 15.6% over the last 12 months.
Land Registry figures reflect sales that have been completed, which places them frequently behind the house price market.
The increase in price growth mirrors the strength of the market in past months yet does not signal forthcoming strength.
Price rises are likely to level out as 2007 progresses. Demand is likely to pull back given higher mortgage interest rates and affordability problems for first time buyers .
London is likely to out perform as business and financial services continue to be the source of most of the UK's economic growth.
In the last 12 months all regions of England and Wales witnessed average prices rise. The highest increase was in London (15.6%), with the lowest in the East Midlands (6%).
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London Tops April House Prices
Fri, 01 Jun 2007
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