House Price Inflation Increasing
According to a new report from the Dept of Communities & Local Govt (DCLG), average house prices in the UK are increasing again. Its latest survey shows house prices rising by 2% in July to an average of £218,479.The annual rate of house price inflation rose from 12.1% to 12.4% the highest since March 2005.
These headlines rates, however, do high large regional differences. The report shows London prices soaring with house prices rising at 19.1%. In the South East, prices are rising at 11.9%. Outside of these two areas, prices has slowed down to 10.6% from 10.9% in June.
This latest report contradicts the opinions of mortgage lenders who have argued that property prices rises are starting to slow down. However, their claims may be more valid, since they are based on surveys conducted in August.
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