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Land Registry reports small rise in UK house prices

The Land Registry has today issued a report suggesting that UK house prices increased by 0.3% in August which was around half of the rise seen in July. According to the report the average home in England and Wales is now valued at £167,423 with annual growth falling from 6.8% in July to 6.7% in August. These figures on the surface appear to be very much at odds with recent property reports suggesting UK prices have fallen but there is a reason for this.

The Land Registry figures are based upon completed transactions and therefore in effect lag the real-time market which pays no attention to whether deals have been completed and signed off. So in theory the figures from the Land Registry could be anything up to 6 months or more behind the current house price data.

It was also revealed today that HM Revenue and Customs has seen a 6% drop in the number of property sales completed in the UK during the month of August. This is potentially the key factor within the information reported today because a lack of demand in the UK property market will inevitably lead to a reduction in prices which could be exacerbated by the economic situation.

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