House prices across England and Wales grew an average of 0.8% in July to stand at £162,900, the Land Registry has reported. Meanwhile, Nationwide reported today that house prices in August shot up by 1.3%. Although the uplift sounds sizeable, it translates into a difference between July's average price of £164,389 and August's £164,729.
The Land Registry data means that house prices are now just 0.3% ahead of where they were in July last year.
But the statistics were boosted by a monthly price rise of 2.7% in London, bringing annual house price inflation in the capital to 6.5%. The average house price in London now stands at £367,785.
House prices also went up during July in Wales (by 2.3%), East Midlands (1.2%), South-East and East (both 0.4%).
By contrast, house prices went down during the month in Yorkshire & the Humber (by 0.1%), the South-West (0.6%), North-West (1.7%) and North-East (2.1%).
The Land Registry’s latest data also shows a rise in housing transactions. From February to May, there was an average of 49,343 sales a month, up from 46,531 for the same period last year.
Comments
According to Calnea, the people who fuel the land registry (according to the other story) prices in the South West are sky rocketing, some properties are hopping up by over 500% per annum.