House price increase noted

There has been an increase in house prices in the UK, according to new government figures.

Research from the Department of Communities and Local Government found that property values rose by 1.4 per cent between June and July.

During July, the average home price in Britain was £196,338, while house values improved by 2.1 per cent in the second quarter of 2009.

However, property prices were still 8.3 per cent lower than a year earlier, as bargains remain on the market for landlords looking to increase their number of houses and flats.

This figure included an 8.4 per cent value drop for homes in England, a 6.4 per cent decrease in Wales, a 4.4 per cent drop in Scotland and a 22.2 per cent fall in Northern Ireland.

For new homes, the average price paid decreased by 12.6 per cent compared to 12 months ago, with pre-owned dwellings now costing eight per cent less.

Halifax recently noted that rural houses are decreasing in value less than city homes.

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