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House price boom confirmed

Official figures have confirmed the summer house price boom.

Latest House Price Index results from Land Registry, just out, show UK house prices increased 10.6 per cent in the year to August 2021, up from 8.5 per cent in July 2021.

On a non-seasonally adjusted basis, average house prices in the UK increased by 2.9 per cent between July and August 2021, compared with an increase of 1 per cent during the same period a year earlier.

There were also more residential property transactions. Those involving properties with a value of £40,000 or more numbered 98,300, 20.9 per cent higher than a in August 2020. Between July and August 2021, UK transactions increased by 32.0 per cent on a seasonally adjusted basis.

In England the August data shows, on average, house prices rose by 9.8 per cent in the year to August and 3.2 per cent on the month.

London experienced the greatest monthly rise with a movement of 5.6 per cent. Yorkshire and the Humber saw the lowest monthly price growth, at 1.5 per cent.

The North East was the area to experience the greatest annual price rise, up by 13.3 per cent, London the lowest annual price growth, with a rise of 7.5 per cent.

In Wales house prices rose 12.5 per cent in the year to August and 2.8 per cent on the month.

Average August price of a house was put at £280,921 in England, and £194,575 in Wales.