There was a notable increase in the number of properties sold in England and Wales during October, according to a sector update.
The latest LSL/Acadata house price index showed a nine per cent rise in total sales during the month, despite a general slowdown in the property market.
An uptick in sales was achieved despite a 0.7 per cent price increase month on month, and a 10.5 per cent rise on prices recorded in the same month last year. However, if figures from London and the south east are excluded from this, property prices only saw a rise of five per cent.
Furthermore, the index revealed average house prices have once again reached an all-time high, with the 16th successive month of value increases in England and Wales settling at £277,390.
Director of Reeds Rains and Your Move estate agents David Newnes said the current high-level of property sale completions is due to greater buyer activity early in 2014.
“October saw the highest level of house sales completed in a month since November 2007. In part this was driven by a better throughput of sales that had sat in the pipeline for some time, finally coming through to completion,” he continued.
According to the data, the biggest rise in sale completions in the third quarter of the year was experienced outside of the UK capital. The West and East Midlands saw a 22 per cent increase, respectively, in comparison to the three per cent witnessed in London.
However, while these more regional areas saw an increase in property sales, only the south west, south east and London saw average prices hit peak highs.
“Average house prices across London overall rose by only 0.4 per cent in September, the smallest monthly increase the capital has seen for 15 months as the pace of price inflation cools down from the summer heat,” Mr Newnes observed.
Peter Williams, housing market specialist at report provider Acadata, posed the question of whether London is in fact leading the way when it comes to the housing market, or if the area is simply just an anomaly and not relevant when looking at other areas of the country.
He suggested that this particular conundrum could have vast implications on next year’s general election, with many viewing London as a self-contained market and not having any greater impact elsewhere.