February data from the Land Registry shows a further house price gain, with an annual increase of 8.5%. The monthly change in house prices of 1.0% raises the average house price to £177,099 in February 2007. The data for this month shows the highest annual increase in almost two years. The last time annual growth was above the current level was in April 2005. A year ago, in February 2006, the annual price change was 3.6%, less than half the 8.5% annual price change in February 2007.
London house prices are increasing at a rate above that of England and Wales as a whole, showing a continuation of the trend since March 2006. The figures for February 2007 show the divide to be at it's widest point since August 2006. London's annual change of 11.3% is almost three percentage points greater than the rest of England and Wales combined. The average price for Greater London in February 2007 stands at £319,189 whereas the average price for England and Wales is £177,099.
