The May data shows a continued decline in annual house price change to 1.8%, according to the most recent figures from the Land Registry. This is the ninth consecutive decrease in annual price change in England and Wales. The average house price this month is £183,266. Accounting for seasonal adjustments, there was no monthly house price change in May. Sales volumes in England and Wales during March 2008 decreased by 50% to 53,080, from 106,047 in March 2007.
London experienced annual house price growth of 6.9% in May, which is over 3 times the rate experienced by England and Wales overall. The monthly house price growth in London currently stands at 0.8%. This is a higher rate of growth than that experienced by England and Wales as a whole. The average property value in London currently stands at £354,714, in comparison to the average for England and Wales, which is £183,266.
The London borough with the highest annual price increase is the City of Westminster, rising by 17.2%. The borough with the highest monthly price increase is Camden with a rise of 1.4%. Both Redbridge and Hillingdon experienced annual growth of 4.9%, making them the lowest performing boroughs in terms of annual price change. Harrow experienced the most significant monthly price fall during May, with a movement of -1.7%.
