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| House prices accelerated in August, says Land Registry | House prices accelerated in August, says Land Registry |
| (35 minutes later) | |
| Annual house price growth accelerated to 8.4% in England and Wales in August - the highest rate of increase for nearly seven years, figures show. | Annual house price growth accelerated to 8.4% in England and Wales in August - the highest rate of increase for nearly seven years, figures show. |
| The Land Registry said prices were up by 1% compared with July, with increases again driven by London. | The Land Registry said prices were up by 1% compared with July, with increases again driven by London. |
| The figures do not reflect some commentators' views of a housing market starting to cool. | The figures do not reflect some commentators' views of a housing market starting to cool. |
| But some areas, including Windsor and Maidenhead and South Yorkshire, have seen month-on-month falls. | But some areas, including Windsor and Maidenhead and South Yorkshire, have seen month-on-month falls. |
| The Land Registry said the average house price in England and Wales was now £177,824 compared with the peak of £181,383 in November 2007. | The Land Registry said the average house price in England and Wales was now £177,824 compared with the peak of £181,383 in November 2007. |
| Over the last year, prices had risen by 21.6% in London. The slowest rate of increase was 3% in the North East of England. | Over the last year, prices had risen by 21.6% in London. The slowest rate of increase was 3% in the North East of England. |
| These regional differences are a source of concern for some in the market. | |
| "For prices to rise by nearly 3% in just one month alone shows the London market continues to defy gravity," said Jonathan Samuels, chief executive of Dragonfly Property Finance. | |
| "Some areas of the UK are looking dangerously overpriced, while others are still very much flat and even in the red." | |
| The Royal Institution of Chartered Surveyors recently suggested that the housing market reached a plateau in August, with prices softening in London as flats and houses had become more unaffordable. A similar view has been suggested by housing analysts Hometrack. | |
| The figures come after the Office for National Statistics reported a 10.2% rise in UK house prices in the year to the end of July. | The figures come after the Office for National Statistics reported a 10.2% rise in UK house prices in the year to the end of July. |
| The data from the ONS lags behind some other house price surveys. Figures from the Halifax, based on its own lending data, suggested a slight slowdown in August, but the opposite was reported by its rival, the Nationwide. | The data from the ONS lags behind some other house price surveys. Figures from the Halifax, based on its own lending data, suggested a slight slowdown in August, but the opposite was reported by its rival, the Nationwide. |
| 'Rent trap' | |
| Those who want to own a home, but are renting while saving for a deposit, are seeing the possibility of ownership moving further away, according to a housing charity. | |
| Campbell Robb, of Shelter, said: "People across the country anxious to put down roots are instead finding themselves stuck in the 'rent trap' - moving from one expensive and unstable rental property to the next, with little hope of saving enough for a home of their own. | |
| "Politicians need to start meeting people halfway by taking real action to build the affordable homes we desperately need." | |
| The charity has highlighted government figures showing that a third of new homelessness cases were the result of landlords ending a private rental tenancy. Shelter said that private rental evictions became the main cause of homelessness for the first time in 2012. |