London house prices up by 5% over 12 months

• May house prices up 0.1 per cent since April: average house price in England and Wales now £161,969
• 1,448 repossessions in England and Wales during March 2013
• South East tops the table of regional applications with 278,186 in May
• Over 56,800 residential properties in England and Wales lodged for registration in May ranging from £10,000 to £27 million

The May data from Land Registry's House Price Index shows an annual price increase of 0.5 per cent which takes the average property value in England and Wales to £161,969. The monthly change from April to May shows an increase of 0.1 per cent. Repossession volumes decreased by 27 per cent in March 2013 to 1,448 compared with 1,981 in March 2012.

• The region in England and Wales which experienced the greatest increase in its average property value over the last 12 months is London with a movement of 5 per cent.
• The East Midlands experienced the greatest monthly rise with a movement of 2 per cent.
• The region with the greatest annual price fall is Yorkshire & The Humber with a decrease of 2.2 per cent.
• The East saw the most significant monthly price fall with a decrease of 0.7 per cent.
• The most up-to-date figures available show that during March 2013, the number of completed house sales in England and Wales decreased by 15 per cent to 52,090 compared with 61,334 in March 2012.
• The number of properties sold in England and Wales for over £1 million in March 2013 increased by 21 per cent to 625 from 517 in March 2012.
• All regions saw repossessions decrease between March 2012 and March 2013. The region with the greatest fall in the number of repossessions was the North East where repossessions dropped by 39 per cent (March 2013 compared with March 2012). 

The May data for London shows a monthly increase of 0.7 per cent. At 5.0 per cent, the annual

change for London is considerably higher than other regions.

The average price of property in the capital is £375,068 in comparison with the average for England and Wales of £161,969.

Blaenau Gwent experienced the greatest annual price change in May with a movement of 16.6 per cent. Average house now £80,712

Middlesbrough saw the greatest annual price fall with a movement of -10.2 per cent. Average price now £73,522

Metropolitan district

The metropolitan district with the largest annual price increase is Trafford rising by 3.3 per cent.
Bury experienced the highest monthly price rise, with an increase of 6.5 per cent.
Salford saw the most significant annual price fall with a movement of -9.1 per cent.

St Helens saw the greatest monthly price fall with a movement of -2.7 per cent

London

The borough with the highest annual price rise is Wandsworth, with a movement of 11.1 per cent.

Greenwich experienced the highest monthly increase, with a movement of 2.0 per cent.

Newham saw the least significant annual growth,with a movement of 0.4 per cent.

Newham also saw the greatest monthly price fall, with a movemnet of -1.3 per cent.

The number of properties sold in England and Wales for over £1 million in March 2013 increased by 21 per cent to 625 from 517 in March 2012.

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