House prices in England and Wales have continued to exhibit strong growth, according to the latest Land Registry House Price Index for October. This month's data shows a monthly increase of 1.2% and an annual increase of 7.0%. This increase means that the average property price is now £171,709. This month sees a repeat of the strong house price appreciation experienced last month. This apparent return to increased house price inflation contrasts with the relatively flat growth exhibited over the last two years.
The increase in house prices is being driven primarily by strong rises in London and the South East. This month marks the eighth consecutive month that London's house prices have increased at a rate greater than England and Wales. London's annual growth this month is 9.6% compared with the 7.0% increase of England and Wales as a whole. In the South East, prices rose at an annual rate of 8.1%.
Key regional observations
* All regions in England and Wales experienced average price increases over the last twelve months.
* The region with the highest annual price change is London with an increase of 9.6%.
* The region with the lowest annual price rise is the East Midlands, with an increase of 3.5%.
* The North East experienced the highest monthly change, with an increase of 2.9%.
* The East Midlands was the only region to experience negative monthly price change, with a change of -0.3%.
