Land Registry: Prices up 1.7pc in July
The average house price in England and Wales is now £175,653 compared with a peak price of £181,442 in November 2007
London experienced the greatest monthly rise with a movement of 3.3% whilst Yorkshire and The Humber saw the biggest drop with a fall of 0.6%.
Richard Sexton, director of e.surv chartered surveyors, said: “Robust headline growth is camouflaging a property market in different stages of recovery up and down the country.
“In particular, strong growth in the capital is skewing annual price rises. But head outside of London and price rises have been more modest – prices fell in Yorkshire & the Humber in July.
“And looking ahead into the autumn, initial indicators show price growth is beginning to tail off at the very top end of the London market. More moderate price growth is a sign of a stable and healthy market.
“It is important that we continue to support the bottom of the market while house prices continue creeping up – otherwise many first-timers could find themselves unable to get on the ladder.
“The new MMR regulations ensure that new buyers are comprehensively stress tested – making sure their finances will be able to stand up to future economic changes, like the eventual rise in the base rate.
“But at the same time, there are still many areas of the country in which a large proportion of buyers need help to save for a deposit. Help to Buy is currently stepping in to give them an option, and this support needs to be continued.”
Land Registry also revealed a drop in repossession volumes which decreased by 42% in May 2014 to 857 compared with 1,488 in May 2013.