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House prices at all-time high

House prices at all-time high

Category: Mortgages

Updated: 09/08/2013
First Published: 09/08/2013

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House prices climbed to an all-time high in July, surpassing the previous peak reached at the height of the housing boom in February 2008.

Last month, the price of the average home in England and Wales rose to £232,969, according to the latest housing market report from LSL Property Services. This equates to a monthly increase of 0.3% and is up 2.6% on a year ago.

The price of the average home is now £5,796 more than last year's figure, and £1,140 higher than that recorded in February 2008.

LSL Property Services warned, however, that the figures continue to be driven by the rapid growth of London property prices, with house prices in the capital jumping 7.1% on a year ago.

This latest report is one of many painting the UK housing market in a positive light.

Earlier this week Halifax reported that house prices had increased 4.6% in the three months to July when compared to a year ago, while last week Nationwide Building Society recorded the biggest year-on-year rise in nearly three years, at 3.9%.

"Typically the property market flourishes in the summer, and July sales are the highest so far this year. But the improvement is more than just a seasonal trend. The market is palpably stronger than a year ago and confidence is returning to lenders and buyers," said LSL Property Services' director, David Newnes.

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