27 Aug

House prices up 0.4% in July, says report

House prices up 0.4% in July, says report

UK property prices posted an increase of 0.4 per cent last month, according to new figures from the Land Registry.

The organisation's latest index reveals that the average house price seen by estate agents in England and Wales was £166,798 in July.

According to regional analysis, London experienced the highest price inflation over the last 12 months with an increase of 12.1 per cent, while the south-west posted the greatest monthly rise at 2.2 per cent.

The Land Registry also said the number of properties sold for more than £1 million increased by 67 per cent between May 2009 and the corresponding month this year.

Recent figures from the Council of Mortgage Lenders showed that mortgage lending increased by five per cent between June and July.

Stuart Law, chief executive of Assetz, suggested people looking to purchase a house for sale in the UK should be encouraged by what he described as a "continued [and] moderate firming up in the market".

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