Average value of a London home tops £475,000

Land Registry shows property value in London and the south east have risen 9.1%

The average value of a home in England and Wales is £179,696 – 4.6% higher than a year ago but still just under their peak in November 2007.

Land Registry shows property value in London and the south east have risen 9.1%
Land Registry shows property value in London and the south east have risen 9.1%

The latest Land Registry figures.show that over the 12 months to May, property values in London and south-east England rose 9.1%, while the average value of property in Wales slipped 0.6% to £116,377.

In London, the average value of a home is now £475,961. This compares with £100,295 in north-east England, £ 114,312 in north-west England, £137,185 in the West Midlands and £246,552 in south-east England.

The number of property sales also rose 16% in 2014 compared with 2013. The Land Registry says 912,001 sales were completed in 2014, but sales totals have slipped since the turn of the year.

In March 2015 there were just 59,311 completed house sales, a fall of 12% when compared with March 2014.