The latest data from the Land Registry house price index for May 2007 for residential property transactions that completed in May 2007 shows a continued growth in house prices. The 0.7% rate of monthly increase is similar to the previous month. The change raises this month's average house price to £180,594. The annual change in house prices is 8.9%. There is evidence of increased divergence between regions, however across England and Wales as a whole growth remains positive.
The May data shows the current rate of increase for London house prices remains over 6% per annum greater than that of England and Wales as a whole. This recent divergence is the largest variation in two years, when London lagged behind the rest of the country by approximately 6%. The divide in annual growth between London and England and Wales has averaged 4.3% over the last six months. London's average house price for May 2007 stands at £335,658 whereas the average price for England and Wales is £180,594.
