U.K. House Prices At Record High: Acadata

(RTTNews) - Average prices paid for a house in England and Wales increased further in June, setting a new record for the thirteenth month in succession, Acadata showed Friday.

A report from the Office for National Statistics today showed that construction output remained flat in the second quarter.

In July, LSL Property Services/Acadata house prices rose by GBP 1,624, or 0.6 percent to GBP 270,636. On a yearly basis, house prices advanced 9.9 percent in July, which was slightly faster than the 9.7 percent rise in June.

A total of 90,000 properties were sold in England and Wales during July. This was the highest monthly total since November 2007, and represents an increase of 10 percent over sales in June as well as a 21 percent increase over the same month a year earlier.

"The market is quite difficult to read at the moment, as various indicators give different views," Peter Williams, housing market specialist and chairman of Acadata. The message from the Bank of England regarding pending rate rises dampened the slightly frenetic behavior that was emerging in some markets.

The ONS initially estimated a 0.5 percent fall in construction output while publishing preliminary GDP figures on July 25. The ONS said the revision of 0.5 percentage points in construction production has no effect on total GDP to one decimal place.

On a yearly basis, construction output increased 4.8 percent in the second quarter. In June, construction output fell 1.2 percent from May.