National house prices still below peak, says Land Registry

House prices swung up 1.7% in July compared with the month before, to stand at £175,653, according to the Land Registry.

The organisation puts annual inflation at 7.2% for the 12 months to the end of July.

However, the figure is still below the peak of £181,442 recorded by the Land Registry for November 2007.

London house prices continued to climb the highest, at 3.3% on a monthly basis and by 19.3% over the year. The average London house price in July was £457,072 – more than four times the average house price in the north-east of £100,834.

The most expensive house sold in July was in Knightsbridge, London, at £24.5m. The cheapest was in Bishop Auckland, Co Durham, for £18,000.

House prices went up in all regions apart from Yorkshire & the Humber, where they dipped 0.6% on a monthly basis.

The Land Registry also reports a jump in sales, to an average of 68,448 per month between February and May. In the same period last year, there was a monthly average of 54,334 sales.

In May itself – the latest month for which transaction data is available – there were 72,900 sales.

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One Comment

  1. wilko

    I've never understood why people take any notice of land registry figures as relevant to up to date market conditions, bearing in mind that they work so far behind the day to day current market. Their figures often mislead sellers. Rightmove regional asking prices give a more accurate reflection of the current market.

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