Insurance News Archive

House prices increase by 1.3 per cent in October

The Land Registry's latest monthly house price index has revealed a 1.3 per cent increase in house prices compared to 0.4 per cent growth in the same month a year previously.

Revealing that the average price of a house in England and Wales had increased to £169,569, the Land Registry's figures showed that annual growth had increased to 6.3 per cent.

House price growth in London continued to surpass the rest of the UK's on an annual basis, the Land Registry's figures revealed, also displaying strong growth in the seven months since March 2006.

The group's figures showed the UK's housing market to have shown more buoyancy in October than Nationwide's monthly index, which was also released today.

Nationwide's figures showed that UK house prices had risen by 0.7 per cent in October, a small downturn compared to the 1.3 per cent growth of the month previously.

Fionnuala Earley, Nationwide's group economist, predicted that with the economy remaining strong into 2007, "prospects for continued positive growth in both the housing and equity markets look fairly good".

31 Oct 2006