House Prices Rise to 5-Year High
Land Registry
House prices in Englans and Wales were rose by 1.7% in July from the previous month; the bigest jump since July 2004 the Land Registry has said.
The analysis has shown that every region has seen an increase, with the average house price now standing at £155,885.
Although this is promising news for the UK hosing market, prices are still over 11% lower than the same period last year. House sales were also down when compare to the same period last year.
Mortgage lending on the up
Council of Mortgage Lenders
According to the latest figures from the Council of Mortgage Lenders (CML), gross mortgage lending stood 26% higher in July than in the previous month. Although gross lending was £16bn, it is still one third lower than the same period last year.
CML economist Paul Samter said:
"Most of the indices point to house prices rising modestly over the summer months. The CML's July gross lending estimate of £16 billion is the highest level in nine months and consistent with the rise in house purchase approvals.
"But the bounce-back in activity from the extreme weakness around the turn of the year, coinciding with a seasonal bounce, is limited in how far it can go against the current back-drop. We expect improved sentiment to support the market, but a further significant pick-up is unlikely with so many obstacles in place. As a result, we anticipate some seasonal slowing in lending volumes and housing transactions over the latter part of the year and the picture of a slow but more stable market to emerge."