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| House prices rise most since 2004 | |
| (11 minutes later) | |
| House prices in England and Wales rose by 1.7% in July compared with June - the biggest monthly leap in value since July 2004, the Land Registry said. | House prices in England and Wales rose by 1.7% in July compared with June - the biggest monthly leap in value since July 2004, the Land Registry said. |
| Every region recorded a monthly rise in prices, with the average home valued at £155,885, the analysis found. | Every region recorded a monthly rise in prices, with the average home valued at £155,885, the analysis found. |
| But prices were still 11.7% lower in July than they were in the same month a year earlier and sales were also down. | But prices were still 11.7% lower in July than they were in the same month a year earlier and sales were also down. |
| The annual drop in prices was sharpest in the North East of England but at its most shallow in Wales. | The annual drop in prices was sharpest in the North East of England but at its most shallow in Wales. |
| The Land Registry, which records all completed property sales in England and Wales, is widely regarded as producing one of the most authoritative house price reports, although it does lag behind data from lenders. | |
| It compares the price of properties sold now with the price paid when they were sold previously. However, repossessions and property transfers following a divorce are excluded from the sample. | |
| Slowing rate | |
| The annual fall in prices eased in July compared with June, when the year-on-year drop stood at 13.8%. This was at the lowest level in July since October last year. | |
| The recovery in the housing market has been revealed in a series of surveys in recent months, including the Nationwide building society's index, which this week revealed prices had risen by 1.6% in August compared with July. | |
| This has proved to be bad news for tenants, who have seen rent levels rise again as former "reluctant landlords" put their homes back on the market. | |
| However, the number of transactions remains relatively low, with some experts suggesting rising prices could stall if there is a surge of properties coming back onto the market. | |
| There were an average of 35,848 sales per month between February and May this year, compared with 61,743 in the same period a year earlier. |