House prices in March rose by 1.1 per cent: Acadametrics

12 April 2010 Monday 12th April 2010

House price analysts Acadametrics estimated that the average price of all residential property transactions completed in England & Wales in March 2010 was 1.1 per cent higher than in February.

This is the eleventh month in succession in which AcadHPI has increased on a monthly basis and offers an annual price increase of 13.4 per cent. This is a significant recovery albeit in a market still characterised by great uncertainty, said the firm and the fifth consecutive month in which the annual rate of change in house prices has been positive.

Acadametrics figures showed there were approximately 10,000 more houses sold in February than in January. However, the estimated level of 45,000 transactions in February is below the average of 51,570 homes sold per month during 2009, with the market remaining subdued.

However, the average price of a house in London reached GBP 376,605. This price is GBP 748 above the previous high recorded in February 2008 and prior to the recent housing market slump. The firm said: "Given the overall context this is a significant outcome, and it points to the unique pressures and dynamics of the London market. We observe that the "effect‟ of London on our price measures is strengthening, as it has in the past when it also led the recovery."

Source: Introducer Today.

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Whilst based on England and Wales, this report gives a snapshop of the housing market in the UK at present.