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House Prices Almost Back At 2007 PeakSay Official Figures

 

House prices are surging towards the 2007 peak of the last property boom, official figures showed in September.

Data for August from the Land Registry's House Price Index showed an 8.4 per cent leap in annual values across England and Wales pushing the average property value to £177,824.

It now only needs a jump of £3,500 to take values to their price peak of November 2007 when a typical three bedroom semi cost £181,383.

Year on year, the average price rose by £14,938.

The monthly rise was one per cent with 2.7 per cent recorded in London taking homes there to an average £467, 070 - adding an extra £12,279 in just four weeks.

The capital also showed the greatest annual increase at 21.6 per cent.

But drill down to the county level and prices, in many cases, are actually falling.

This underlines the patchwork nature of the market at present. It's not good news everywhere.

Some areas of the UK are looking dangerously overpriced, while others are still very much flat and even in the red.

If there's something that everyone should take note of, it's that rate rises are getting ever closer and should be priced into most transac­tions.

From March 2013 to June 2013 there was an average of 59,556 sales per month. In the same months a year later, the figure was 71,426.

More than 82,600 residential properties in England and Wales lodged for registration in August, the Land Registry said, ranging in price from £13,000 to £24.5m.

The numbers are based on actual house sale prices and are therefore regarded as the best measure of where prices are.

  

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