Highest recorded UK house prices in over three years

Key Points:

·        UK house prices reach new high of £200,080, up 0.3% on month and 6% annually – the highest recorded price for over three years

·         London house prices stabilise at £378,196, down 2% from June but up 2% annually

·      Appetite for home ownership continues with UK buyer registrations up 16% on last year and a record 48% in London

·         Property sales transactions rise by 20% annually in the UK and 17% in London

·         Mortgage applications continue to increase, up 26% annually and first time buyer applications up 31% annually

	July 2013	% Change Since June 2013	% Change Since July 2012
Ave UK House Prices £ (Exchange)	£200,080	+ 0.3%	+6%
UK Transactions	-	-1%	+20%
Ave London House Prices £ (Exchange)	£378,196	-2%	+2%
London Transactions	-	-6%	+17%

David Plumtree, Chief Executive at Barnard Marcus, part of the 300 branch Sequence group, including William H Brown and Fox & Sons, comments: “UK plc is on the mend and the property market has played its part in facilitating that recovery. The UK’s housing market has gone from strength to strength over the last three years, but the growth has been gradual and consistent which gives confidence to economists and property professionals alike that it isn’t overheating.

“Property prices are continuing to rise because of demand increasing at double the rate (up 16% annually) of supply (up 7% annually) but an increasing number of new mortgage products available are allowing buyers to meet these rising prices.

“Despite a drop of 2% in London house prices on the month, London's prices are still up by 2% since the beginning of the year. Renewed demand is keeping prices up, with buyer registrations increasing by 48% annually – triple the rate of new instructions, which is up just 16% annually.”