House prices in England and Wales have continued their recent strong run with an annual increase of 8.3% in March 2007, according to the latest figures released by the Land Registry. The monthly change in house prices of 1.0% raises the average house price to £178,423 in this month.
The data for this month shows one of the highest annual increases in almost two years. A year ago, in March 2006, the annual price change was 4.3%, almost half the 8.3% annual price change in March 2007.
The March data shows the current rate of increase for London house prices is over 3% per annum greater than that of England and Wales as a whole. The divide in annual growth between London and England & Wales has averaged 2.7% over the last six months. The average price for Greater London in March 2007 stands at £323,511 whereas the average price for England and Wales is £178,423.
The Land Registry's House Price Index uses Land Registry's own data set of completed sales, making it the only index to be based on actual price paid.
