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PROPERTY REPORT SHOWS 16.85% INCREASE IN PRICES

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Average house price in England and Wales now£99,295 ...
Average house price in England and Wales now£99,295

The Land Registry today published its latest quarterly residential property price report, covering the period January-March 2000. It shows the highest average year on year increase since the Land Registry started collecting property price data in 1995, beating the record 15.23% increase shown in the last quarter (Oct-Dec 1999).

The Property Price Report compares average prices and volume of sales with those for the same period in 1999. It also gives a breakdown of the average sale prices of old and new properties, by property type.

The following information is contained in the report:

January-March 2000 v January-March 1999

England and Wales

- The average price increased by 16.85% from£84,973 in 1999 to£99,295 in 2000 (excluding sales under£10,000 and over£1m)

- All economic regions in England and Wales showed an increase in average prices

- The volume of sales increased by 18.90% from 166,515 in 1999 to 197,985 in 2000

Greater London

- The average property price increased by 23.19% from£132,570 in 1999 to£163,317 in 2000 (excluding sales under£10,000 and over£1m)

- The volume of sales rose by 19.56% from 26,063 in 1999 to 31,160 in 2000

- 237 properties over£1 million were sold

(#=£)

COUNTRY/REGION JAN-MAR 1999 JAN-MAR 2000 %

AVE. PRICE* AVE. PRICE* INCREASE

ENGLAND & WALES #84,973 #99,295 16.85%

GREATER LONDON #132,570 #163,317 23.19%

SOUTH WEST #79,842 #96,333 20.65%

SOUTH EAST #101,456 #120,597 18.87%

EAST ANGLIA #71,987 #82,424 14.50%

WEST MIDLANDS #67,696 #76,855 13.53%

EAST MIDLANDS #62,324 #69,928 12.20%

YORKS & HUMBER #56,422 #62,554 10.87%

WALES #56,475 #62,555 10.77%

NORTH WEST #58,931 #63,824 8.30%

NORTH #56,270 #59,343 5.46%

*excluding sales under #10,000 and over #1 million

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NOTES

For the first time average prices shown in the report from January-March 2000 include sales of under£10,000 and over£1 million.

The Land Registry started collecting property price data in the first quarter of 1995. It holds no data prior to that date.

The Land Registry Internet site contains a full copy of this new report and all previous reports, and information down to postcode sector level, together with other useful information on the work of the Land Registry. The website address is: http://www.landreg.gov.uk/

The Land Registry Internet site now has an interactive property price database, which can be used to look at Land Registry data from region to postcode sector level relating to residential prices as far back as January 1995.

Thefigures in the report for England and Wales are broken down by property type and county; average property prices and volume of sales for individual London boroughs are also shown.

7. The sales included in the report relate to the transfer of ownership for value of freehold or long leasehold properties, whether or not the purchase was supported by a mortgage. The price data are actual, unadjusted averages drawn from the great majority of all residential sales in England and Wales completed during the period.

This Land Registry report is intended to complement information available from other sources. If you make any comparison with other data you should consider the differences in volume, timeliness and coverage of contributing transactions.

The Land Registry also provides reports, which show aggregated data for any local authority district in England and Wales, postcode area (e.g. GL), postcode district (e.g. GL1), or postcode sector (e.g. GL1 2). There is a fee for this service. These

bespoke reports can be obtained from the Property Information Centre.

HM Land Registry is a government Next Steps agency responsible to the Lord Chancellor which keeps and maintains the Land Register of England and Wales. Its main purpose is to register title to land and to record dealings once the land is registered. Established in 1862, it is required by statute to be self-financing and makes no call on public funds.

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