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House prices climbing higher

House prices climbing higher

Category: Mortgages

Updated: 13/08/2013
First Published: 13/08/2013

This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

House prices in June were 3.1% higher compared to a year ago, according to official figures released today by the Office for National Statistics.

This was an improvement on May 2013's rise of 2.9%.

London continued to drive the annual growth, with prices in the capital climbing 8.1%.

Meanwhile, a separate survey by the Royal Institution of Chartered Surveyors (RICS) showed that house prices are rising at their fastest pace in seven years.

On a seasonally adjusted basis, the house price balance jumped to +36 in July from +21 in June and just +5 in May - the best figure since November 2006 and one of the sharpest improvements over a three-month period since the survey began in 1978.

The news is the latest in a number of industry reports highlighting improvements in the mortgage and housing markets.

LSL Property Services reported last week that prices climbed to an all-time high last month, surpassing the previous peak reached at the height of the housing boom in February 2008, while Halifax announced house price increases of 4.6% in the three months to July when compared to a year ago, and Nationwide Building Society recorded the biggest year-on-year rise in nearly three years, at 3.9%.

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