Home sales fall 12pc over 14 months
Meanwhile the average house price rose 4.6% over the past year, taking the average property value in England and Wales to £179,696, just shy of their peak of £180,990 in November 2007.
Monthly house prices showed no change since April overall but London and the South East experienced the greatest increase in their average property value over the past 12 months, both with a movement of 9.1%.
The East and North East experienced the greatest monthly rise, both with a movement of 1.6% while Wales saw the only annual price fall with a decrease of 0.6%.
The number of properties sold in England and Wales for over £1m decreased by 6% to 842 from 893 a year earlier.
Brian Murphy, head of lending at Mortgage Advice Bureau, said: “House prices are continuing to march upwards with London and the South East seeing the greatest annual growth.
“The trend is not deterring homebuyers as mortgage approvals are also at their highest since the Mortgage Market Review was implemented according to the British Bankers’ Association. But it does mean that the average borrower is taking out a bigger loan than at any point since the recession, as well as putting up the largest average deposit for six years.”
Murphy said the latest signs from the Bank of England are that there may be “less than a year to go “before the base rate rises.
He added: “The second half of 2015 will be a crucial window to act for anyone considering remortgaging, as well as potential homebuyers.
“Consumers can be thankful for the mortgage price war which continues to drive loan rates to record lows. Cheap pricing and lender competition are key factors that are sustaining the momentum in the housing market, but low rates won’t last forever.”