English & Welsh house prices rise by 6.7% over the past year

The average price of houses in both England and Wales has gone up to £166,798 according to figures released by the Land Registry.

London experienced the biggest increase in average price of 12.1%, higher than eight other regions that also saw a rise over the year. From June to July there was an average increase of around 0.4% and the south-west experienced a monthly rise of 2.2%, the biggest out of all the UK regions.

David Newnes, the managing director of LSL Property Services, stated: "House prices showed signs of growth in July as buyers took advantage of a slight easing in lending conditions to secure their new home.”

"That's not to say the house prices will resume a sustained upwards climb. We don't expect a return to the mini-boom of late last year, but the likelihood of a significant slide in prices is small too – it is more likely we will see steady change.”

He added that the key to the recovery of the housing market is allowing first time buyers the access to affordable mortgage products. A vast majority of would-be buyers have previously had trouble securing the financial support to get involved and help the recovery of the property market.

Source: The Guardian 

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