Property market ‘surprisingly stable’Friday, 13 January 2012 10:38
Homeowners in England and Wales saw typical property values rise by a modest 0.2 per cent during December, according to the latest house price index.
LSL Acadametrics’ figures show that the average property price is now around £220,385 – 0.5 per cent lower than a year ago.
London’s property values are 3.1 per cent higher than last year, with the biggest increases in Kensington and Chelsea at 9.8 per cent, Westminster at 8.9 per cent and Hackney at six per cent.
Apart from the capital, Wales was the only region to show annual house price growth, with an average rise of 0.7 per cent.
Chairman of Acadametrics, Dr Peter Williams, said: “Setting aside the April and May price hiccups caused by stamp duty changes, our average price has not changed by more than one per cent in any month, at national level, since February 2010.
“In essence we have experienced a period of relative stability in house prices, which is perhaps surprising given the turmoil observed in the financial markets over the same period.”