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House price increase at five-year high, says Land Registry

House prices in England and Wales rose to by their highest level in five years, according to the Land Registry.

The Land Registry, which measures house prices by assessing houses sold in England and Wales, revealed that house prices rose by 1.7 per cent in July. It says the average house price in the two countries is now £155,885.

According to its survey, this was the biggest recorded leap in prices since July 2004.

This comes after Nationwide revealed in its house price index yesterday that house prices also rose by 1.6 per cent. It says all areas of England and Wales experienced house price increases in July.

Although the Land Registry recorded a rise in house prices, it says year-on-year figures are still down 11.7 per cent.

It says sales volumes averaged 35,848 per month from February to May
2009. In comparison to this, during the same months in 2008, the figure stood at 61,743.

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  1. house price increase False Market
    How long will it be before the reality of the situation in the UK sinks in. These statistics bear no relation to the reality of the housing market’s future. We see an increase in house prices based on a market that has only sold half as many houses as last year and less than half as many as the year before, where lenders will not lend to prime customers and where house prices are 5 times average wages. the average house price in london is 5 times the price in Berlin and 3 times Paris. The number of people out of work is still rising at an alarming rate and their redundancy pay outs are not going to last forever. The number of house holds that are more than 3 months in arrears with mortgage payments is rising. When the goverment starts to raise interest rates where is the money to repay the mortgages going to come from? Benefits – no, reposession – yes, falling house prices. This is the lull before the storm. Britain has had 10-15 years of false house price inflation due to easy credit and poorly judged lending practices based on greed of estate agents and bankers both of whome should be locked up for there part of the Great British Public Robbery. I heard a very apt quote today “If a man robs a bank he gets 10 years, when a bank robs a man, its bonuses alround”

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