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House prices up 2.6% in August

House prices up 2.6% in August

Category: Mortgages

Updated: 14/09/2012
First Published: 14/09/2012

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House prices rose by 2.6% year-on-year in August, according to the latest LSL Property Services / Acadametrics House Price Index.

This meant that the average house price hit £226,243. Transactions levels also revealed a positive turnaround for the housing market, up 2.5% - the highest level for the year so far.

However, the North/South housing divide continues to widen, with prices in the Greater London area recording the highest growth rate in the country at 10.5%, while prices in the North West dropped 1.5%.

"The housing market demonstrated its resilience in August, as both house prices and sales activity rose, highlighting the underlying demand from buyers," said Richard Sexton, director of e.surv.

"However, rather than signalling a radical shift in the housing market, the improvement reflects a mini-resurgence following more sluggish buyer activity earlier in the summer, affected by a combination of the Jubilee bank holiday and historically heavy rainfall.".

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