House prices stable as transactions dip

The latest house price data from the Land Registry shows that house prices in England and Wales remained stable on a monthly basis, despite figures from HM Revenue and Customs (HMRC) revealing that there was a drop in transactions. Although prices remained flat overall on a monthly basis, there were parts of England and Wales that saw rises, led by London where the average price of a home appreciated by 0.7 per cent month-on-month. On an annual basis, the Land Registry data revealed that prices rose by an average of 4.6 per cent in the year to May 2015 to £179,696. Again, London led the surge, with prices in the capital increasing by 9.1 per cent year-on-year. “Land Registry data shows that house prices are continuing to march upwards with London and the South East seeing the greatest annual growth,” said Brian Murphy (left), Head of Lending at Mortgage Advice Bureau (MAB). “The trend is not deterring homebuyers, as mortgage approvals are also at their highest since the Mortgage Market Review (MMR) was implemented according to the British Bankers’ Association (BBA). But it does mean that the average borrower is taking out a bigger loan than at any point since…