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House price inflation `rising`
11 September 2007
The average house price in the UK has increased again, according to new figures released by the government.
A survey by the Department of Communities and Local Government (DCLG) has found that prices rose by two per cent in the month of July, to reach an average price of £218,479.
The annual rate of UK house price inflation rose to 12.4 per cent in July, up 0.3 per cent on the previous month. However, in London and the south-east the annual rate of inflation was at 19.1 per cent in July, up from 17.5 per cent in June.
Simon Rubinsohn, chief economist of the Royal Institute of Chartered Surveyors, said: "The latest data from the DCLG suggests that the housing market is continuing to power ahead. These figures however, relate to July and do not begin to reflect the more recent turmoil in financial markets."
Figures released at the end of last month by the British Bankers` Association showed a 12 per cent rise in the amount of mortgages lent in July.
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