House sales up 17% year-on-year!

There were 69,140 house sales in July, up 17% from 59,141 in July 2012, according to figures published today by the Land Registry.

The number of properties sold in England and Wales for over £1m in July 2013 was 1,143, up from 852 a year before. Average house prices in England and Wales grew by 3.4% in the year to September, with the average price rising from £161,569 in September 2012 to £167,063 this year.

However, Wales by itself has experienced a 1.7% depreciation from £116,571 to £114,589.

The largest monthly gain was in the north east region, where prices rose by 2.7% to an average of £101,262, up from £98,600. London once again topped the regional growth table with a 9.3 per cent annual rise to September and 1.9% since August to leave the average house price at £393,462, from £386,125.

Legal & General Mortgage Club director Jeremy Duncombe says: “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.”