House sales at highest level since 2007

Average house price across England and Wales estimated to be £270,636

Click to follow
The Independent Online

There were 90,000 homes sold in England and Wales in July, the highest total since November 2007, 21 per cent higher than a year ago, and 10 per cent higher than last month.

According to the report by LSL Property Services, prices excluding London and the South East are also up, 4.6 per cent year on year, putting the average house price at £270,636, although other indices show much lower averages based on different estimating techniques.

David Newnes, director of Reeds Rains and Your Move estate agents, owned by LSL said that first-time buyers and buy-to-let landlords were 'helping the flow of activity' in the UK housing market.

"As the common property choice of a new buyer or investor, flats have seen the largest increase in sales between April and June this year, rising a third compared to the same time in 2013," he said.

The largest increase in sales during April-June 2014 was in the North West and East Midlands, increasing by just under a third on the same period last year.

LSL's figures indicate that the average price paid for a home in London was £560,386 in June, following a £10,850 monthly rise.

"After a temporary waning of growth in the London market, 24 boroughs have set new peak prices, and in Kensington and Chelsea average house prices are on track to surpass the £2 million mark," said Newnes. "However, a dampening of sales activity and more supply starting to come to the market will help control house price inflation in London.

"The tendrils of recovery may be branching out from the centre, but they haven’t yet unfurled to all corners of the country. Outside of London, the South East and East Midlands, prices dropped and stabilised across all other seven regions in June."