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Housing sales jump, price rises slowing

10 May 2006
According to a Land Registry report out today, residential property prices in England and Wales have risen by just over five per cent in the last quarter, compared with last year's annual increase of over ten per cent.

Year-on-year house sales were up by over 37 per cent in England and Wales, with sales in Greater London increasing by over 40 per cent. All regions of England and Wales showed an increase in average prices to some degree.

The area showing the smallest year-on-year increase was the East Midlands at just over 0.6 per cent. The average house price in England and Wales, as of March 2006, was £192,745.

The fact that sales figures have gone up in conjunction with a general slow-down in the price of property in this country suggests that the market is remaining stable overall, analysts have said.

The price boom of recent years has also increased the number of more expensive properties. Over 1,000 properties were sold for over £1 million in this quarter, compared with 655 for the same period in 2005.

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