Cautious optimism continues to grow that the property market is on the road to recovery.
According to the latest research from Acadametrics, the average price of all residential property transactions completed in England and Wales increased in September to £205,338, 0.6% higher than in August.
It is the fifth consecutive month of positive growth and means prices have returned to levels last seen more than three years ago.
Meanwhile, prices are now just 5.6% down on a year earlier, having increased in value by £5,385 since hitting a bottom in April this year.
Dr Peter Williams, chairman of the consultancy, said the data clearly supported the view that the worst of the problems had passed.
"The market has made a modest recovery, even if it is too early to talk of a sustained upturn," he added. "Consumer confidence is recovering and there are indications that mortgage supply has stabilised and might increase along with the number of properties coming to market and the transactions that follow.
"However, all this is delicately balanced. The Government and the Bank must continue to make the right calls to avoid disrupting this fragile recovery and it is simply too soon to say the course going forward is set."
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