Land Registry today (9 August) published its latest residential property price report, which showed that the average house price in Middlesbrough increased by 59% between the quarter April-June 2003 and the same quarter in 2004. This was the joint top average increase alongside Blaenau Gwent.

The South East region demonstrated the smallest rise in house price figures overall, with prices in Reading not increasing at all. Wales was the highest growth region with an average house price increase of 27.64%. Figures by county showed that five out of the top ten average price increases were in Wales.

The average house price in England and Wales for the quarter was £175,401, an annual increase of 16.98%. The increase in value for older terraced properties was 21.31%, whereas the increase in value of new flats was 4.89%.

The report compares average prices and volume of sales with those for the same quarter in 2003. 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:

England and Wales

• The average price increased by 16.98% from £149,935 in 2003 to £175,401 for the same period in 2004
• All economic regions in England and Wales showed an increase in average prices
• The volume of sales increased by 22.13% from 245,632 in 2003 to 299,986 for the same period in 2004
• 997 properties over £1 million were sold.

Greater London

• The average property price increased by 13.67% from £246,710 in 2003 to £280,431 for the same period in 2004
• The volume of sales increased by 26.74% from 28,911 in 2003 to 36,643 for the same period in 2004
• 638 properties over £1 million were sold compared to 338 for the same period in 2003.

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