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| House prices rise in June, says Land Registry | House prices rise in June, says Land Registry |
| (8 days later) | |
| House prices in England and Wales rose by 0.6% in June, driven by a 3.1% increase in prices paid in London, according to figures from the Land Registry. | House prices in England and Wales rose by 0.6% in June, driven by a 3.1% increase in prices paid in London, according to figures from the Land Registry. |
| Despite the headline growth figure there were regional variations, with rises in just four of the 10 regions covered and falls of up to 2.2% in the others. | Despite the headline growth figure there were regional variations, with rises in just four of the 10 regions covered and falls of up to 2.2% in the others. |
| The official figures showed that prices in the capital continued to surge during the month, driven by a combination of the weak pound and continued hunger of overseas investors, and increased availability of mortgages for UK buyers. | The official figures showed that prices in the capital continued to surge during the month, driven by a combination of the weak pound and continued hunger of overseas investors, and increased availability of mortgages for UK buyers. |
| Prices in Greater London rose to an average of £383,930, an increase of 6.9% on June 2012's figure and much higher than the £162,621 average across England and Wales as a whole. | Prices in Greater London rose to an average of £383,930, an increase of 6.9% on June 2012's figure and much higher than the £162,621 average across England and Wales as a whole. |
| In Kensington and Chelsea, the UK's most expensive neighbourhood, prices are up by 9.5% year-on-year at an average of £1,1m, while in the borough of Wandsworth in south London they have climed by 11.3% over the past 12 months to an average of £452,390. | In Kensington and Chelsea, the UK's most expensive neighbourhood, prices are up by 9.5% year-on-year at an average of £1,1m, while in the borough of Wandsworth in south London they have climed by 11.3% over the past 12 months to an average of £452,390. |
| Wales also saw a big jump in June, with the average price fetched for homes up 2.9% on May at £117,385. | Wales also saw a big jump in June, with the average price fetched for homes up 2.9% on May at £117,385. |
| However, despite signs of gathering momentum in the housing market, with the latest sets of mortgage lending figures all showing increased activity in recent months, the Land Registry data showed that prices in six regions were down on May's figure. | However, despite signs of gathering momentum in the housing market, with the latest sets of mortgage lending figures all showing increased activity in recent months, the Land Registry data showed that prices in six regions were down on May's figure. |
| In three – Yorkshire & the Humber and the north-west and north-east of England – they remain below the levels they were at in June 2012. In the north-east prices dropped by 2.2% in June and are 3.8% lower than in the same month of the previous year. | In three – Yorkshire & the Humber and the north-west and north-east of England – they remain below the levels they were at in June 2012. In the north-east prices dropped by 2.2% in June and are 3.8% lower than in the same month of the previous year. |
| Matthew Pointon, property economist at Capital Economics, said the figures did not suggest that prices across England and Wales as a whole were accelerating, with the average price of £108,000 recorded in the north-west the lowest since June 2004. | Matthew Pointon, property economist at Capital Economics, said the figures did not suggest that prices across England and Wales as a whole were accelerating, with the average price of £108,000 recorded in the north-west the lowest since June 2004. |
| "With all the recent talk about the government's Help to Buy scheme, and signs that housing market activity is finally picking up, it is tempting to think that house prices are on the verge of another boom," Pointon said. "But with the exception of London there is little evidence of that so far." | "With all the recent talk about the government's Help to Buy scheme, and signs that housing market activity is finally picking up, it is tempting to think that house prices are on the verge of another boom," Pointon said. "But with the exception of London there is little evidence of that so far." |
| On Tuesday, the Treasury outlined further details of the second part of its Help to Buy scheme, designed to assist borrowers with small deposits to get loans by offering a taxpayer-backed guarantee on part of their loans. | On Tuesday, the Treasury outlined further details of the second part of its Help to Buy scheme, designed to assist borrowers with small deposits to get loans by offering a taxpayer-backed guarantee on part of their loans. |
| Some economists have warned that the scheme could lead to a housing bubble, but Pointon said he expected it to flop: "The fact that house prices remain out of reach for most will limit annual gains to 2%-3%". | Some economists have warned that the scheme could lead to a housing bubble, but Pointon said he expected it to flop: "The fact that house prices remain out of reach for most will limit annual gains to 2%-3%". |
| Top mortgages | Top mortgages |
| HSBC | HSBC |
| Chelsea Building Society | |
| HSBC | HSBC |
| Provided by London & Country for the Guardian | Provided by London & Country for the Guardian |