The February data from Land Registry’s House Price Index shows an annual price increase of 5.3 per cent which takes the average property value in England and Wales to £170,000. The monthly change from January to February shows an increase of 0.7 per cent. Repossession volumes decreased by 24 per cent in December 2013 to 966 compared with 1,278 in December 2012.
These figures reveal that the City of Westminster was the best performing Borough in London, registering an increase of 2.4% in the month of February. This increase raised the average property price in Westminster to £890,272. The Royal Borough of Kensington and Chelsea also maintained steady growth registering a monthly increase of 1.1% bringing the average property price in this Borough to £1.23M.
