There is no monthly change from May to June. Repossession volumes decreased by 30% in April 2014 to 898 compared with 1,285 in April 2013.
The region in England and Wales which experienced the greatest increase in its average property value over the last 12 months is London with a movement of 16.4% - the West Midlands experienced the greatest monthly rise with a movement of 1.9%.
The North East saw the lowest annual price growth with a movement of 0.8%, while Yorkshire & The Humber saw the most significant monthly price fall of 1.3%.
The most up-to-date figures available show that during April 2014 the number of completed house sales in England & Wales increased by 31% to 66,659 compared with 51,022 in April 2013.
The number of properties sold in England and Wales for over £1 million in April 2014 increased by 39 per cent to 1,028 from 740 in April 2013.
The region with the greatest fall in repossession sales in April 2014 was the West Midlands.
Andy Knee, Chief Executive of LMS comments:
“Hitting double-digit growth in house prices in London is sure to intensify calls that we’re in a bubble and further amplify pressure on the Government and the Bank of England to step in and flex more regulatory muscle. But we must not look at one month in isolation and should instead step back to take a longer term view, as the dust has not yet fully settled from the shakeup of mortgage rules.
“London is clearly the engine powering the house price freight train. With prices in London up by more than 16% in the past year, the capital is not just in a different league – it is playing a whole different sport. Take London out of the equation and price rises are far more modest.
“For first time buyers this highlights yet again the difficulty in making the leap on to the property ladder. With wages yet to see significant improvement this begs the question of how many first time buyers would be able to take that step without a helping hand from the Bank of Mum and Dad. It’s crucial that the government make sure that owning property, especially in the South, does not just become the preserve of the wealthy.
“A stable housing market is vital to the health of the UK economy, and the crux of the issue lies at the foot of house building. Only by building more homes can the insatiable demand for homes be satisfied and ensure the long-term stability of the market.”
