House prices grow but sales slow

09 May 2003
Figures released today show that house prices in England and Wales grew by an average 19.6 per cent over the year.

HM Land Registry announced that in England and Wales the average house prices in the first three months of 2003 stood at £145,897 compared to £121,881 in the first three months of 2002.

The official figures show that house prices grew across the country, although the increases were substantially less in London. The Land Registry's figures show that house prices in the capital increased by 12.07 per cent from £214,257 in the first three months of 2002 to £240,126 in the same period this year.

Whilst average house prices have been growing the figures suggest that the slowdown in house price inflation is continuing, reflecting figures from the UK's largest mortgage lender the Halifax last week.

The slowdown in the market is reflected in the figures released from the Land Registry today. The figures show that the volume of sales between January and March 2003 fell by 4.63 per cent when compared to the same period a year ago.

The volume of sales in the capital fell by 4.84 per cent during the first quarter of 2003.

The Land Registry reported that the largest increases in house prices were seen in the East Midlands where prices increased by 27.67 per cent over the period. The South West of England, Yorkshire and Humberside, and Wales saw the next biggest increases in house prices at 26.14 per cent, 23.72 per cent and 23.62 per cent respectively.