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UK property market bounces back

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December data from the Land Registry shows an annual average house price increase for the first time since May 2008, indicating the UK property market is bouncing back after a torrid 18 months.

Seven regions in England and Wales experienced increases in their average property values over the last 12 months.  The region with the highest annual price change was London with an increase of 6.1%.  The region with the most significant annual price fall was Wales with a movement of -2.5%.

The 2.5% annual average house price increase was accompanied by a slight monthly increase in December of 0.1%.  The average house price in England and Wales now stands at £161,783.

The monthly change of 0.1% is the eighth month in a row above zero.  Both the North East and the West Midlands experienced the greatest monthly rises with movements of 1.9%.  Wales was the region with the most significant monthly price fall with a movement of -2%.

The most up-to-date figures available show that during October 2009 the number of completed house sales in England and Wales rose by 34% to 59,482 from 44,530 in October 2008.

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