London Property Beats All UK Records

According to the latest data released by the Land Registry on June 28th, London property market put all other UK regions in the shade.

The figures suggest that house prices in England and Wales fell by 0.4% in May 2011 and now stand at 161 823 pounds.

London property, in contrast, saw price increases of 0.2%. Now, an average house in the capital is priced at 345 000 pounds. In some London districts, Islington, for example, prices grew by as much as 0.8% in one month.

Experts at the Land Registry are determined that London is the only city in England and Wales that saw price growth in May 2011. In Wales for example, property values fell by as much as 3.5% in May alone.

Land Registry data also suggests that sales volume dropped in the first half of 2011. As such, only 44,314 sales were registered in December 2010 - March 2011, whereas over 52,000 sales were agreed in the same time last year.

More details on house prices across the United Kingdom in May are available on the official website of Land Registry in the “Latest News” section.