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Average house prices continued to increase on a monthly basis in July but price pressures may be waning, according to the latest e.surv Acadata House Price Index for England & Wales.

HMRC estimates transactions in June reached 200,000 in England and Wales leading house prices to surge by 9.1% in July to an average of £336,003.

The North-West has the highest annual growth rate at 15.8% but London still lags behind.

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Richard Sexton, director at e.surv, said: “Overall, we saw a continued positive movement in house prices with the average price of completed sales growing by 9.1% in July to £336,003.

“Continuing government support for the housing market and low-interest rates continue to help with buyer affordability and offset the initial stage withdrawal of the stamp duty holiday and the complete withdrawal of the Land Transaction tax in Wales.

“If we exclude the smaller rates of growth in Greater London and the South East, the annual rate of growth remains over a remarkable 12%.

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“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 over the same period last year.

“The stamp duty holiday and the desire for more space when working from home clearly spurred many purchasers into action. What is more unexpected is that the area with the highest increase in sales this year is the South East which belies the belief buyers were rushing to the countryside – in fact buyers have been rushing to secure detached houses but not in rural locations.

“The highest increase of detached property sales in the South East was in fact in Brighton and Hove which saw a rise of 140%. Proof if any were needed that urban living retains its allure for many moving out of bigger cities.”

Source: Mortgage Introducer

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