8 November 2004
House price growth remains robust in England and Wales, despite lingering fears of an overheating market and rising interest rates.
Land Registry figures show the average house price rose 16 per cent to £187,971 from July to September, the third quarter period, compared with the same time last year.
The north of England and Wales saw the largest increases.
Southern England and Greater London showed the slowest growth.
During the previous quarter, the average house price was up 17 per cent and in the first quarter a smaller increase was noted of just over 14 per cent.
The Land Registry reports the cost of property that changed hands in this period and is seen as the most reliable of the house price indicators, however these figures are also the most historical.
Analysts predict that the apparent slowdown witnessed in asking prices and by mortgage lenders like Halifax and Nationwide have simply not yet filtered through to the Land Registry figures.
During the third quarter, the Land Registry found the total volume of house sales increased by six per cent, down substantially from 22 per cent in the second quarter.
Nearly a third of a million properties (309,101) were sold during the third quarter.
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