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House prices up 4.8% yearly

House prices up 4.8% yearly

Category: Mortgages

Updated: 15/07/2013
First Published: 15/07/2013

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Rising house prices have added nearly £12,000 to the value of the average home over the last year, according to Rightmove's latest figures.

The country's biggest online estate agency reported that property prices rose 4.8% yearly in July, bringing the average to £253,658.

On a monthly basis, prices rose 0.3% from June's figure – the seventh month in a row that prices have increased.

The House Price Index also revealed that all regions experienced annual growth, with London's price increase having a major influence on the overall figures; rising 12% year-on-year. Prices in the West Midlands recorded the lowest annual growth, at 1%.

Meanwhile, early analysis of Rightmove's Consumer Confidence Survey, which has already received more than 25,000 responses, showed that 62% of home-movers expect property prices to be higher in a year's time, double the 31% recorded a year ago.

"The price optimists have doubles compared to just 12 months ago and now outnumber the price pessimists ten to one," said director of Rightmove, Miles Shipside.

"Consumer confidence is key to the housing market and on this front there has finally been a year of minimal bad news, with a reasonable amount of good, after four years of pretty consistent doom and gloom."

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