Liquid error: wrong number of arguments (2 for 1) House prices reach a record high, claims Office for National Statistics | Marsh & Parsons Sales and Lettings Estate Agents London

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House prices reach a record high, claims Office for National Statistics

Tue 17 Sep 2013

House prices in England have reached a record high, according to the Office for National Statistics. Averaging
255,000, they are now 0.9% higher than their previous all-time peak in January 2008.

Average house prices in Wales stand at 160,000, 132,000 in Northern Ireland and 182,000 in Scotland. The
average UK house price is 245,000. Reporting for July, the ONS notes large regional variations. In London,
where the ONS says house prices rose by 9.7% in the 12 months to July, the highest average house price at
438,000. The north-east had the lowest average house price at 144,000. Excluding London and the south-east,
the average UK mix-adjusted house price was 192,000 and prices rose by just 0.8% in the year to July, with falls
in Scotland, Wales and the north of England.

The ONS figure is once again at odds with the Land Registry, which reported that the average house price for the
whole of England and Wales in July was 164,098, including an average of 385,799 in London. Peter Rollings, of
London agent Marsh & Parsons, said huge buyer demand and a shortage of stock is pushing up prices in the
capital. He said: In the three months to June, we recorded 11% more buyers entering the market in competition
for 14% fewer properties. Property is changing hands in record time and for close to the asking price, with 98%
regularly being achieved. According to the ONS, UK house price annual changes by region are: London + 9.7%
South-East + 2.6% East Midlands + 2.4% South-West + 2.1% West Midlands + 2.0% Northern Ireland + 1.8%
Eastern England + 1.4% Yorks and Humber + 0.5% North-West - 0.7% Wales - 0.7% North-East - 1.3% Scotland

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