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House prices in England and Wales rose in June for the first time in since January 2008.  Figures from the Land Registry, the equivalent of Registers of Scotland, show that prices rose by a marginal 0.1 per cent between May and June.

Over a full year prices remain well below previous levels.  The Land Registry calculates that, on average, prices south of the border are now 14 per cent below the level they were last year. 

But the significance of the June figure is that it comes at a time when plenty of other indices are reporting at least relative price stability and even some price increases.  This is true for Scotland as well as the rest of the UK.  GSPC's latest quarterly report (see GSPC House Price data, left), for example, reported that prices in the west of Scotland were gradually stabilising.  The figures from the Land Registry are the most authoritative analysis of trends in the English and Welsh markets and the results suggest that recent reports from the major lenders and others of a rise in prices were largely accurate.