House prices unchanged in August

The average price of a house in England and Wales remained flat between July and August.

The average house price is £163,376 according to data from the Land Registry, representing an annual price increase of just 0.7 per cent in August. London had the largest increase in property values over the past 12 month as prices rose 5 per cent.

The average price of a property in London is now £364,059 – the highest average of anywhere in England and Wales and £153,009 higher than the second most expensive region, the South East.

On a monthly basis, house prices in the North East went up the most, rising 0.8 per cent between July and August.

House prices in Wales were the worst affected as they were found to have demonstrated both the largest annual and monthly price falls, by 3.2 per cent and 2.4 per cent respectively.

Figures for June show that the number of completed house sales in England and Wales decreased by 3 per cent to 56,077 compared with 57,702 in June 2011. The number of properties valued at over £1m sold in England and Wales increased by 35 per cent to 647 from 478 in June 2011.