Average dwelling prices, fourth quarters 2005 and 2006
Prices of dwellings rose in all regions between 2005 and 2006. Average increases in England and Wales were around 8 per cent overall. The percentage increase was greatest in London at 10.6 per cent and lowest in East Midlands at 5.3 per cent. London was also the most expensive place to buy a property. The average price of a London property was £319,000 in the fourth quarter of 2006.
Half of all regions showed percentage increases between 2005 and 2006 of over 8 per cent. After London, the North West and the South East showed the highest growth of all the English regions at 8.7 per cent each.
Between 2004 and 2006, the price of terraced houses in London rose by £52,000. At an average price of £331,000 in the fourth quarter of 2006, terraced housing in London was around three times more expensive than an equivalent property in the North East, North West and Wales.
At nearly 15 per cent (a rise of £34,000) Yorkshire and The Humber had the highest percentage increase in the value of detached houses between 2004 and 2006. The East Midlands had the lowest percentage increase for detached houses at nearly 7 per cent.
Purchasing property of any description in the capital was much more expensive than elsewhere. The average price of detached houses in London were around double the price of those in the East. Similarly, semi-detached houses in London were more than double the price of those in the midlands, Wales and the north. For the same amount of money as one could buy a flat or maisonette in London (£275,000 in 2006), a person could buy a detached house in the North East, Yorkshire and The Humber, East Midlands or in Wales.
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