Property prices in England and Wales up 5.4% in the last year
The average property in England and Wales now costs £181,619, an increase of £9,252 in the last year, according to the latest figures from the Land Registry.
This increase of 5.4% means values have now overtaken the previous peak of £180,983 in November 2007.
In terms of monthly increases, prices rose by 1.1% in June compared with those in May. Annual growth is also higher than the previous index, which shows prices are rising faster now than in May, when the general election had a slowing effect on the market.
London recorded the strongest annual growth, with values increasing by 9.2% to hit £481,820, while the North East saw the biggest monthly change, with prices up 3% to reach £102,064.
Jonathan Hopper, managing director of buying agents Garrington Property Finders, said: 'It is tempting to regard the steady price gains seen since the election as a return to business as usual for the property market.
"Price growth is motoring ahead - but while the engine is running smoothly, warning lights are showing on the dashboard. While buyer demand and confidence are strong, much of the rise in prices is being driven by constrained supply. It may be raining buyers, but with a drought of sellers, prices are rising across the board."
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