The average United Kingdom house cost £184,682, with London properties at £493,026 and the average home in the North East of England costing £100,943.
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“Annual growth in the North-east and North-west is way off the pace compared to the South”.
On a monthly basis prices were up 0.5 per cent to an average of £184,682.
“From a 1.7% month-on-month increase in average house prices from June to July, the latest Land Registry data shows a less weighty increase of just 0.5% from July to August, an indication of a seasonal slowdown after a busy summer”.
“London property continues to thrive however, and the imbalance in house prices between various regions means buyers in London and its commuter belt have been dealt the worst hand of all”.
Over the 12 months to August the areas with the highest levels of growth were the East, the South East and London, with prices up 8.4 per cent, 7.6 per cent and 6.6 per cent respectively.
Activity at the higher end of the market is still being affected by the increase in stamp duty on homes sold for more than £937,000.
Land Registry’s data runs slightly behind because it is based on completed transactions as opposed to asking prices.
IHS Global Insight Economist Howard Archer expects house prices to see solid increases over the coming months amid firm activity.
Elsewhere, sales and repossessions during June 2015, which are the most up-to-date figures available from the Land Registry, showed the number of completions in England and Wales decreased by 13 per cent to 70,404 compared with 80,823 in June 2014.
Looking at house prices by type of property semi-detached houses saw the greatest annual appreciation with prices rising by 4.7 percent to 175,299.
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A lack of supply and swelling demand is seen by many as the main factor for soaring prices. As a result, homes are becoming increasingly unaffordable, putting them out of reach for many aspiring homeowners.
