The monthly change from August to September shows an increase of 1.5%. Repossession volumes decreased by 28% in July 2013 to 1,187 compared with 1,645 in July 2012.
The region in England and Wales which experienced the greatest increase in its average property value over the last 12 months is London with a movement of 9.3%, while the North East experienced the greatest monthly rise with a movement of 2.7%.
The only region with an annual price fall is Wales with a decrease of 1.7%, which also saw the most significant monthly price fall with a decrease of 0.4%.
The most up-to-date figures available show that during July 2013, the number of completed house sales in England and Wales increased by 17% to 69,140 compared with 59,141 in July 2012. The number of properties sold in England and Wales for over £1 million in July 2013 increased by 34% to 1,143 from 852 in July 2012.
The region with the greatest fall in the number of repossession sales was the North East where repossessions dropped by 56% (25 in July 2013 compared with 57 in July 2012).
David Brown, commercial director of LSL Property Services, comments:
“With house prices, sales and GDP all on the rise, the economy continues to move from strength to strength. We’re seeing rises across the country with the North East particularly benefitting from such a resurgence. The effects of Help to Buy and an easing of mortgage criteria is allowing more and more people to access the property market and in turn giving a boost towards a full and sustained recovery.
“First time buyers have been returning in their droves, with the effects flowing throughout the chain as backlog at the lower end of the market becomes unblocked. However, of course getting a grip on the ladder is still a tough task and some may opt to remain renting in the meantime, while they accrue a bit more in savings. But luckily, the rental market however is in a healthy state, as while rents have recently reached record highs, increases are still below inflation, all making it that little bit easier for aspiring buyers to save towards that much needed deposit.
“To maintain growth and sustain a healthy market, we must ensure that surges in buyer demand are matched by more homes being built, if we are to avoid any future rises getting beyond reach.”
Jeremy Duncombe, Director at Legal & General Mortgage Club comments:
“The significant house price rises recorded today by Hometrack and the Land Registry will continue to fuel speculation that prices are rising too quickly. However, it’s worth remembering where the market has come from.
"A year ago it was beset by lethargy so the impetus created by the various stimulus schemes should not be wished away too quickly. It is also worth remembering that Help to Buy is a temporary measure. If the Government needs to change its terms or withdraw it altogether to avoid the market overheating it can do so.
The main long term problem is the chronic lack of suitable housing. This constrained supply is the main issue to solve if we are to ensure a stable, balanced and sustainable UK housing market in the future.”
