Fall in Leeds house prices bucks national trend

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House prices in Leeds have fallen – a move which bucks the national trend, according to new figures.

Data released by the Land Registry show house prices in the city fell by 1.2 per cent – to an average price of £121,826.

Prices across West Yorkshire stayed the same year-on-year at an average of £108,161.

However, in London house prices surged by 10.6 per cent annually to reach £396,646 on average.

London also saw the biggest monthly price increase, with a 1.8 per cent rise.

Across England and Wales, house prices rose by 3.2 per cent year-on-year to reach £165,411 on average.

The Land Registry’s latest figures also showed how house sales have been much stronger than in the same period last year.

The most up-to-date figures show that in September 2013, the number of completed house sales in England and Wales increased by 24 per cent compared to September 2012.

This may have been helped by the introduction of Government schemes such as Help to Buy.

The scheme gave mortgage borrowers with small deposits a helping hand on or up the housing ladder.

Mark Harris, chief executive of mortgage broker SPF Private Clients, said: “With funding more readily available than at any time in the past five
years, buyers are able to realise their property-ownership dream.

“This surge in demand is pushing up prices, particularly in London, where supply is already limited.”

He added: “Many buyers are worried that if they don’t take the plunge now, they will be priced out further.”

Mr Harris said that locking into a fixed-rate mortgage deal could help give peace of mind to some people who are worried about interest rates rising.

He added: “There are still plenty of rock-bottom mortgage deals available, with some particularly good pricing on five-year fixed rates.”

For more information, visit: www.landregistry.gov.uk

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