Slight rise in house prices

House prices have moved upwards for the first time in almost a year and a half in June

House prices have moved upwards for the first time in almost a year and a half in June, figures have revealed.

The average cost of a property in England and Wales increased by 0.1% during the month, following a 0.2% slide in both April and May, according to the Land Registry.

The group said the June rise is the first positive monthly change since January 2008.

The Land Registry also reported a drop in the annual rate at which house prices are falling, with this slowing to 14% from 15.9% during May, leaving the average property now worth £153,046.

Of all the UK regions, those in the South and the Midlands fared best, while areas in the North of the country and Wales continued to see falls.

London house prices rose faster than anywhere else, with a 2% hike and average property values reaching £301,859.

The next best rise came from the West Midlands, with 0.5% growth, while house prices in the South West rose 0.4%, those in the South East climbed 0.3% and the East added 0.2%.

But house prices fell 1.2% in Yorkshire and Humber, while Wales and the East Midlands slid 1.1% and the North West and North East dropped 0.9% and 0.1% respectively.

All regions have experienced a decrease in their average property value over the last year.

The North East suffered the greatest regional fall, of 15.9%, across the year. But the biggest annual fall by area was in Luton, which dropped 23%.