East of England leads price growth
Typical prices stood at £183,861 in England and Wales after rising by 1.7% from June.
Prices also rose by 8.3% in London and 8.2% in the South East but they aren’t booming everywhere. In the North East they rose by 0.40%, in the North East they increased by 1.40% and they rose by 1.50% in Wales.
Peter Rollings, chief executive of Marsh & Parsons, said: “As the first port of call for international investors and prime property purchases, the housing market in London is more exposed to regulatory and stock market turbulence than the rest of the country. We’re still experiencing tremors from the new Stamp Duty banding, and as demand for million-pound homes has eased, the harsher taxes at the top-end may continue to rock the boat in London for the coming months.
“But this all needs to be kept in perspective. London is still achieving significantly above-average house price growth, and retains its position at the top table.
“In addition, the Chinese stock market slump may present more of an opportunity than a threat to the London property market – while it’s made property more expensive for Chinese buyers, those looking for a secure capital investment in these volatile times will still be attracted to the stability of the returns to be made in the capital.”
The data also revealed that the number of repossession cases in England and Wales fell by 47% from 937 in May 2014 to 496.
The South East was the region with the greatest fall in repossessions.
Danny Waters, chief executive officer of Enterprise Finance, said: “Encouragingly, repossession volumes continue to tumble which shows that fewer borrowers are saddling themselves with loans they can’t repay and that the improving employment picture means less homeowners are running into difficulties.”