House prices rise in June

House prices in England and Wales rose for the first time in over a year last month, according to the Land Registry.

Figures released by the body indicated a 0.1 per cent increase in the average cost of a home since May, from £152,497 to £153,046.

At the same time, the annual rate of fall in prices was reduced from 15.9 per cent to 14 per cent.

The largest contributor to the upturn was London, which saw a two per cent price rise.

However, five of the ten regions saw prices fall, including the three northern English regions, possibly suggesting different trends in various parts of the country.

The Land Registry suggested the figures did not yet represent a “return to growth”, but were indicative of a “flattening” of prices, something that may interest those seeking mortgages.

A similar view was offered by property experts CB Richard Ellis, which said today the market has reached a “trough”, with prices “fluctuating” around a low base.

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