House prices hit another record high in July

House prices in England and Wales reached a record high in July, a report has claimed. LSL Property Services research shows' that property values have increased £5,796 over the past twelve months beating the peak in 2008. They say that the average house price is at a record high of £232,969. They also point out that these increases continue to be driven by the strong performance in London, where prices are rising by 7.1%, faster than other parts of the UK. David Newnes, director of LSL Property Services plc, comments: “House prices have never been higher. 2013 has marked the time when the property market recovered from the 2008 financial crisis. Mortgage lending in May was up by over a fifth compared with April and 17% stronger than a year ago, while the number of first-time buyer mortgages are at the highest since 2007.” August 8, 2013