UK house prices up 5.7pc

Sarah Davidson

August 13, 2014

The average UK home now costs £164,105, which remains 0.9% from pre-crisis levels.

After the market previously suffered from a spring lull home sales increased by 15% in June, while they also stood 26% higher than June 2013.

Home sales increased by 15% in June after the market previously suffered a spring lull.

House price growth centred primarily around Edinburgh and Glasgow, which saw monthly growth of 4.2% and 4.5% respectively.

Richard Sexton, director of e.surv chartered surveyors, part of LSL Property Services, said: “The housing market may have been temporarily subdued in the immediate clamour surrounding the MMR regulatory changes, but activity is again apparent.

“This is a step in the right direction, but there is plenty of gas still left in the tank. In the first six months of this year, property transactions totalled 42,200, which is just half of the volume in 2007/08.

“The annual growth we’re experiencing currently is still only a third of the 16.0% pace recorded in August 2007 before the financial crisis.

“It may be on the track, but the housing recovery still requires careful steering to navigate upcoming obstacles and to ensure that the benefits are felt equally across the country.”

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