The Land registry price House Price Index for May was released on 2nd July and its now official, prices in Hackney saw the third largest increase in London after Kensington and Chelsea and Westminster.
Below is a summary of price movements and sales volumes in London; you can see the full report at http://www.landregistry.gov.uk/ or drop us an e-mail us and we’ll be happy to send you a copy.
The Greater London region experienced the UK’s greatest year on year price change with a movement of +7.7 percent. London also experienced the greatest monthly price rise with a movement of +2.6 percent in May 2012.
The borough with the highest annual price rise was Kensington and Chelsea, with a movement of +14.0 percent. Kensington and Chelsea also experienced a rise of +2.2 percent in the month of May, making it also the borough with the highest monthly increase.
Havering saw the greatest annual price fall, with a movement of -2.1 percent whilst Brent experienced a movement of -1.4 per cent in May alone, making it the borough with the greatest monthly price fall.
Elsewhere in East London the prices were largely flat in Newham, growing by +0.8 percent in the year, 0.5% of which was in the month of May. Tower Hamlets and Waltham Forest performed a little more favourably growing by +2.4 percent and +2.3% respectively year on year and +0.4 percent and +0.7 percent in May. Prices in Islington made more respectable gains, rising by +5.7 percent in the year and +0.5 percent in May.
In the months from December 2011 to March 2012, sales volumes averaged 52,316 transactions per month. This is an increase from the same period a year earlier, when sales volumes averaged 45,230 per month.