Insurance News Archive

Property insurance: House prices up 0.1% in June

Written by Judith Stevenson

Property insurance policyholders may be encouraged to learn that house prices rose on a monthly basis for the first time since January 2008, according to Land Registry figures.

The organisation reported a 0.1 per cent rise in June, with the average value standing at £153,046, although this still represents an annual decline of 14 per cent.

Those property insurance policyholders with accommodation in London will be most encouraged, as the capital experienced the biggest monthly rise, with average prices jumping by two per cent to £301,859.

Keshav Thukaram, managing director of landlord property services website Smartlandlord.co.uk, said the figures were good news for buy to let investors.

"Based as they are on completed transactions, they hint at further increases in transaction levels … now is a good time to buy and sell property".

He said that the conditions are favourable for buy to let proprietors but reminded potential investors that they need to have landlord buildings, contents and rent guarantee insurance in place and follow sound financial and tax advice.

29 Jul 2009