Annual price growth at 7.2% in October say official figures

Posted: 29 Nov 2006 10:53:19 GMT

House prices hit an average annualised growth rate of seven per cent during October, official figures from the Land Registry have shown, rising 1.2 per cent during the month

House prices hit an average annualised growth rate of seven per cent during October, official figures from the Land Registry have shown, rising 1.2 per cent during the month.

Terraced housing showed the keenest price rises, up 7.3 per cent to £133,712 compared to October 2005, followed by flats and maisonettes, up 7.2 per cent to £162,279.

London remained the main source of growth in the UK property market.

"The increase in house prices is being driven primarily by strong rises in London and the south-east," the Land Registry commented.

"This month marks the eighth consecutive month that London's house prices have increased at a rate greater than England and Wales.

"London's annual growth this month is 9.6 per cent compared with the seven per cent increase of England and Wales as a whole."

Nonetheless, the north-east achieved the highest level of monthly growth, with prices up 2.9 per cent since September.

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