Land Registry shows modest rises in the city and county
House prices in Leicester and Leicestershire increased slightly on last month, new figures from the Land Registry show.
In the city, home prices rose by 0.8 per cent to an average of £113,902. In the county, prices in the county were up 0.2 per cent on the previous month to reach an average of £147,080.
Year on year, Leicester prices have risen by two per cent on July 2011, while they have fallen slightly in the county, down 0.8 per cent. The prices are based on completed house sales.
Across the East Midlands, there was a 1.2 per cent rise on last month and a modest 0.4 per cent annual increase on prices in July 2011. The average property price in the region is now £124,080.
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Ashby estate agent Martyn Baum, of Hartleys, is regional spokesman for the National Association of Estate Agents.
He said: "In the past month there has been four conflicting reports on house prices. Rightmove reported that the national asking price has increased by 2% in the last month while the Land Registry report a reduction of 2% in sold prices during the same period.
"This is very confusing for buyers and sellers. It is important to make the point that the Land Registry is by far the most reliable as it is based on sales, solid facts.
"The East Midlands has been one of the hardest hit regions in terms of house prices since the credit crunch of 2007 so for Leicester city to be outperforming the region shows that there is demand.
"It appears over the past 12 months that prices throughout the county have started to stabilise, this poses the question have house prices hit the bottom? Certainly some property investors think so and have re entered the market, some for the first time in five years. This could be one of the factors that has seen the prices in the city recover slightly.
"There still needs to be some caution. Prices are not rising sharply, the 2% rise represents almost £2,300 in real terms. When we saw a little confidence return to the market in Leicestershire in 2010 we saw sellers increase their asking prices too steeply and some therefore failed to sell. The housing market is fickle but the late summer and autumn normally proves to be a good selling time and I see 2012 being no different."
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