HM Land Registry figures out today state that average UK house prices rose 0.2% in April compared to March. That takes the annual rise to 8.5% and the average house price to £165,596.
See the report here http://www.landreg.gov.uk/assets/library/documents/HPI_Apr10_rws.pdf
But it’s not as simple as that. There are massive variations in regional values and in particular county to county and city to city.
Regionally the winner is London with a 1.6% monthly increase taking the yearly figure to an inflation busting 14.8%.
The loser though regionally is Yorkshire and Humberside which the Land Registry stats show dropped a significant 2.2% in April versus March to take the number for the rolling 12 months to barely a rise at all. An increase of only 0.7%.
But in more local terms the picture is even more contrasting.
If you live in Brighton, Bristol or Bath you can get the bubbly out and do a victory lap. Because your home has gone up in worth by 16.8%, 15.9%, and 14.5% respectively since this time in 2009.
Hartlepool though? Not so much. A decrease in value of 5.4% in the last twelve months.
And relegation for Middlesborough too which has plummeted an eye watering 9.5%! Matched in poor performance only by its football club it seems 😉
Essex, home to Emoov, is a rather healthy 8.7% ahead of last year and in April was 0.8% higher than March. Phew…
There are often quite significant differences in the figures published from index to index. The Nationwide, Halifax, Hometrack, Rightmove and the Land Registry all offer varying numbers because many of their statistical analyses are collated differently and at varying times in the home selling process.
But these latest figures from HM Land Registry also show how the standard ‘average’ percentage calculation for house prices as banded about by the media, can actually bear very little relevance to your area.