Average prices continued to rise on a monthly basis in July, but price pressures may ease, according to the latest e.surv Acadata home price index for England and Wales.
The HMRC estimates that transactions in June reached 200,000 in England and Wales, causing house prices to soar 9.1% in July to an average of £ 336,003.
The North West has the highest annual growth rate at 15.8% but London is still lagging behind.
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Richard Sexton, Director of e.surv, said: “Overall, we have seen continued positive movement in house prices, with the average price of completed sales increasing 9.1% in July to 336,003 £.
“The government’s continued support for the housing market and low interest rates continue to contribute to the affordability of buyers and to compensate for the initial withdrawal of the stamp holiday and the complete withdrawal of the land transaction tax in the Land of Wales.
“If we exclude the lower growth rates in Greater London and the South East, the annual growth rate remains above a remarkable 12%.
“In terms of transactions, we can see what a difference twelve months can make. In the first quarter of this year, we saw a 32% increase in transactions compared to the same period last year.
“The stamp duty holiday and the desire for more space to work from home have clearly prompted many buyers to take action. What is more unexpected is that the area with the biggest increase in sales this year is the Southeast, which contradicts the belief that buyers were rushing to the countryside – in fact, buyers were rushing to secure single-family homes, but not in rural areas.
“The biggest increase in sales of single family properties in the South East was actually in Brighton and Hove which saw a 140% increase. The proof if it were necessary that the city life retains its attraction for many who leave the big cities. “