Business

Land Registry says house prices continue to rise

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Image caption Prices are moving at different rates across regions of England and Wales

House prices rose by 3.2% in the year to the end of November across England and Wales, but were up 10.6% in London, the Land Registry has said.

There was a wide range of annual price changes across the various regions, with the North East of England seeing a fall of 1.6%, the figures show.

The Land Registry said that the average home went up in value by 0.1% in November compared with October.

That meant the average home was valued at £165,411.

The biggest gain in value annually after London was in the South East of England, where prices rose by 3.5%.

Terraced homes showed the biggest annual increase in prices, by 3.9% on average, with semi-detached properties showing the slowest increase, up 2.5%.

'Distortion'

Activity in the UK housing market has been picking up pace over the year, with sales and prices on the increase.

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Media captionGeorge Osborne tells 5 live: "I want to see a big increase in the housing available"

However, many measures consider both still to be well below the levels seen during the housing boom of the last decade.

The latest figures from the Office for National Statistics (ONS) also suggested that prices in London were growing more rapidly than the national average in the year to the end of October.

"Overall it is the London property market which is really blazing the trail," said Peter Rollings, chief executive of estate agent Marsh and Parsons.

"In exclusive prime London postcodes, the combination of low supply and fierce demand is distorting prices even further."

The Land Registry data includes houses bought for cash, as well as those purchased with mortgages.

It is also based on actual sale prices, whereas the ONS figures are based on mortgage completions.

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