Property prices continued to grow in June

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House prices increased across almost one third of the country last month in the biggest uplift seen in almost six years.

Prices grew in 31 per cent of postcodes in England and Wales, marking the highest proportion recorded since September 2007 as improved market activity spread beyond London, property analysts Hometrack found.

House prices increased by 0.4 per cent in June, matching the growth seen in May which was the highest increase seen in a single month since June 2007.

Just 3.1 per cent of postcodes saw house prices fall, representing the smallest share seen for three years.

Hometrack expects the upswing in prices to continue in the coming months, although the rate of increase is likely to slow as demand drifts off over the summer holiday period.

London recorded the strongest growth in June, with prices rising by 0.9 per cent for the second month in a row. Prices increased by 0.4 per cent in East Anglia, 0.3 per cent in the South East and 0.2 per cent in the South West and West Midlands. They also rose by 0.1 per cent in the West Midlands.

Prices were flat during the month in Wales, and showing a continued divide between the South and the North, they were also unchanged in the North East, North West, and Yorkshire and the Humber.

Houses in London now take around four weeks to sell – which is half the national average. London sellers are now achieving 96 per cent of their asking price on average, marking the highest share for six years.

Meanwhile, the typical length of time on the market for homes in the Midlands and Northern regions is “improving slowly”
but still stands at more than 10 weeks.

Across England and Wales, sellers are achieving around 94.2 per cent of the asking price.