While price growth in the wider market picked up in February, it remains to be seen whether this represents a turning point in the cycle.Nick Barnes
House prices – London
Land Registry’s House Price Index reveals that average annual price growth accelerated slightly in February (+13.1%), the first time since last August. This takes the average house price in London to £463,872.
Newham remains the borough with the strongest annual price growth (+21.4%) but Lambeth moves into second place (+18.7%). Kensington & Chelsea continues to see the slowest annual growth among London boroughs although the February figure of 7.8% is up on the 7.2% recorded in January.
House prices – national & regional
Land Registry data show that average house prices in England & Wales rose by 6.5% in the year to February, the same growth rate as the revised January figure.
Outside London, the East remains the region with the fastest rising house prices with 12 month growth slightly accelerating to 10.5% in February. In the South East price growth slowed to 9.0% from 9.4% in January. However, the average house price of £202,394 in the East is 16.5% lower than that of the South East.