There was annual house price growth of 8.4 per cent in August, with house prices up 1 per cent since July, according to the Land Registry’s market trend data for England and Wales.
The data revealed that the average house price in England and Wales is now £177,824 compared with the peak of £181,383 in November 2007.
Repossession volumes decreased by 36 per cent in June to 794, compared with 1,238 in June 2013.
London experienced the greatest increase in its average property value, up 21.6 per cent over the last 12 months and up 2.7 per cent on a monthly basis.
The average price of property in the capital is £467,070.
Both south west and north west England saw the most significant monthly price fall of 0.1 per cent.
The most up-to-date figures available show that during June the number of completed house sales in England and Wales increased by 11 per cent to 73,158 compared with 66,123 in June last year.
Price paid data includes details of more than 82,600 residential property sales lodged for registration in August, with the most expensive sale located in Chelsea and sold for £17.75m while the cheapest sale was located in Middlesbrough and sold for £16,400.
Andrew Bridges, managing director of London estate agents Stirling Ackroyd, said the capital’s house price growth will now be powered by the city’s more affordable corners.
He said: “Affordability of property can support itself when an economy and housing market are truly interlinked. That is the case in the parts of London with real growth – sustainable house price growth is powered by the creation of new hubs and new homes.
“Just like the rest of the UK, the capital needs to build more new homes to keep up in the long-run. London must be more adventurous in its development plans, and look to new areas of the city where space remains for more building.”
