The April data from Land Registry’s House Price Index shows an annual price increase of 6.7% which takes the average property value in England and Wales to £172,069.
The monthly change from March to April shows an increase of 1.5%. Repossession volumes decreased by 33% in February 2014 to 936 compared with 1,387 in February 2013.
The region in England and Wales which experienced the greatest increase in its average property value over the last 12 months is London with a movement of 17%. London also experienced the greatest monthly rise with a movement of 4.2%.
The North East saw the lowest annual price growth with a movement of 2.9% and also experienced the only monthly price fall of 1.9%.
The most up-to-date figures available show that during February 2014 the number of completed house sales in England & Wales increased by 38% to 62,368 compared with 45,236 in February 2013.
The number of properties sold in England and Wales for over £1 million in February 2014 increased by 65% to 836 from 507 in February 2013.
The region with the greatest fall in repossession sales in February 2014 was the East Midlands.
Nicholas Ayre, managing director of buying agency Home Fusion, said: “Although the Land Registry reports that prices continue to rise, the housing market is softening as sentiment changes. Estate agents are finding that buyers are increasingly unwilling to pay the crazy prices that some vendors are asking. Whether it’s down to affordability or buyers taking heed of concerns about a bubble, they are less willing to risk their money and pay over the odds. And with more property coming onto the market there is less desperation than there was a few months ago.
“The London property market is still storming ahead, according to the Land Registry, with 4.2% growth in the past month and 17% over the past year. But the Land Registry lags the other indices a little, and we expect the slowing down of the market to be reflected in the official figures in coming months. Vendors will need to be more realistic than ever about pricing in order to secure a sale. Savvy buyers are saying ‘enough is enough’.
“This gentle slowdown and correction in the market is the best possible scenario for all concerned, without the need for heavy-handed external intervention.”
