Official figures point to house price increase

26 February 2010

Official Land Registry figures, which were published earlier today (February 26th), have confirmed that house prices continued to rise last month.

Data from the latest Land registry House Price index has revealed that the average price of a property in England and Wales stood at £165,088.

This represented a month-on-month growth of 2.1 per cent, which could come as good news to those who are thinking about an equity release scheme, for example a lifetime mortgage or home reversion.

"Seven regions in England and Wales experienced increases in their average property values over the last 12 months," the Land registry said.

However, the report did reveal something of a north-south divide with London properties increasing on average by 3.9 per cent, while those in the north-east witnessed a decline of 1.3 per cent.

Equity release schemes can be used to provide homeowners with a welcome boost to their income.

People who have invested in property can access the value of their assets through the use of such schemes.