North overtakes the south as market recovery spreads

There was the strongest July for home sales this year since 2007.

And, after a lacklustre first half to the year, monthly sales surpassed 2014 levels for the first time.

Sales rose by 13% on a monthly basis, driven by growth in the north, LSL reported.

It puts the number of transactions at 90,000 – the highest since July 2007, when there were 120,845.

The firm’s latest house price index also puts the average price across England and Wales at a new record of £279,515.

This is a monthly rise of 0.3% and an annual increase of 3.7%.

But, thanks to the emergence of a reverse north/south divide (yes, you read that right) annual house price inflation is now greater when London and the south-east are removed, standing at 4%.

According to LSL, house prices in 27% of local authority areas are at new peak levels.

House prices in Reading, Berkshire, have risen most over the past year, up 15.2%.

However, London now comes only eighth out of the ten regions in England and Wales in terms of annual house price rises, with just 1.8% growth.