Property prices in England and Wales.

A new report of the land cadastre (the Land Registry Index)

According to official figures from the land registry, prices for residential apartments and houses in England and Wales rose 0.1% in may compared to the previous month. The average house price in England and Wales today is £ 161969 .

The may index data of the land cadastre also showed annual growth in average residential property prices in England and Wales by 5% .

But not all regions recorded an increase in value of the property.

In Yorkshire and the Humber for the year the average value of real estate decreased by 2.2% and in the East of England recorded the most significant drop over the last month – at the level of 0.7%.

Meanwhile, disappointing data shows the number of homes sold.

In March the number of new homes sold is 52090, which is 15% lower than a year earlier, in March 2012, when it was sold 61334 home.

But, if you take into account luxury real estate, the numbers are exactly the opposite. Number of apartments and houses in England and Wales sold for more than £1 million in March 2013 increased by 21 % and amounted to 625, compared with 517 the same objects in March 2012.

Researchers of the market of real estate notice that although the path to economic recovery in the UK is still blocked by a number of economic barriers, house prices are rising. There is a revival of the mortgage lending process, mostly due to injections of public funds and lending scheme “Help to Buy”

Lenders are showing extreme caution, especially in the case when dealing with borrowers with low income. But the mortgage market is definitely recorded an improvement, thanks to the emergence of new mortgage products, the variety of available and attractive offers, and thus, created competition among lenders and a favorable environment for borrowers.

Market participants hope that the government initiative Help to Buy and state funds lending will give a further boost to the mortgage market this year, which, respectively, will create favorable conditions on the market and will contribute to a healthy housing prices.

® Maxim Savitsky 01.07.2013