The average property price in England and Wales reached £179,817 in April, according to the Land Registry.
The latest data shows that the average price has almost climbed back to the pre-recession peak of £181,014, which was recorded in November 2007.
Prices increased 0.9 per cent between March and April, the Land Registry says, with the annual price increase now reaching 5.1 per cent.
Regionally, the best monthly figure was recorded in Yorkshire and The Humber, where prices increased by 2.7 per cent.
The capital recorded the highest price growth in the past 12 months, rising by 10.9 per cent.
The Land Registry reports that there were 54,103 house sales completed during April. This represents a 17 per cent fall compared with February last year, when 64,994 sales were recorded.
Jackson-Stops & Staff says that the monthly bounce experienced in Yorkshire and The Humber is a direct reflection of increased longer-term confidence among buyers and investors due to increased government investment.
“Increased investment in Yorkshire, Humberside and the evolution of the Northern Powerhouse in Manchester has contributed to a surge in confidence in these areas. Greater Manchester is shaping up to be a great place to invest as major London companies continue to establish a presence in the City,” says Nick Leeming, chairman of the high-end agency.
Graham Davidson, of investment firm Sequre, has also noticed an upsurge in confidence and demand in the north of England.
“The Humber region, Chester, Wakefield and Sheffield are also all performing well for our investors,” he says.
The Land Registry’s full dataset can be accessed here.
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The boom before the bust?
No. It was the global financial crisis that caused the last recession, not high house prices. So, unless the banks play up again, I can't see this changing anytime soon. And house prices were one of the few things that kept growing even while the government had to tighten the purse strings and cure the mess Labour had left behind.
'Capital recorded the highest price growth in the past 12 months'
What brilliant news for the London's property sellers, definitely best to strike whilst the iron's hot and get on the market now!
18 year boom - bust cycle is what I was once told by an estate agency who has operated throughout the 70's (crash mid 70's), 80's (crash late 80's), 2008. There is a 5-7 year recovery, 10 years of boom and an almighty crash... Still, history might not repeat in the future :-) On this basis next crash will be early-mid 2020's. Flog your agencies before then...
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