Annual house price growth accelerated to 8.4% in England and Wales in August - the highest rate of increase for nearly seven years, figures show.
The Land Registry said prices were up by 1% compared with July, with increases again driven by London.
An ambitious proposed £500m riverside redevelopment project linking Cardiff Bay and the city centre which would provide the Welsh capital with over 2,000 much needed new homes has suffered a set-back.
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Four luxury apartments in a development with views of Buckingham Palace have broken the price record for properties in London’s Mayfair – an announcement that will add to fears that wealthy foreign buyers are fuelling a housing bubble in the capital.
British Land, one of Britain’s biggest developers, said it had sold 18 of the 34 flats in its “super-prime” Clarges Mayfair development for a total of £210m – an average of just over £11.6m each – even though work only began on the site earlier this year.
Rents rose 2.4% in the year to August across England and Wales, meaning they have edged £3 higher than a previous record set in October 2013 of £758 a month on average. The new rent data is revealed in a survey by LSL Property Services, which owns the Your Move and Reeds Rains estate agenst.
Six regions of the UK now have average house prices higher than their pre-financial crisis peak after values rose again in July, figures show.
The East Midlands, West Midlands and South West of England have joined London, the East of England and the South East of England in rising above the peak of late 2007 and early 2008.
Ministers have published a shortlist of over 160 smaller housing developments across the country that could benefit from a share of the £525m Builders Finance Fund designed to get workers back on sites and new homes built.
The existence of emerging neighbourhood plans has proved a key factor in the fate of four recovered housing appeals determined by the Communities Secretary Eric Pickles.
Three involved the same local planning authority, Mid Sussex District Council, and the same neighbourhood plan, drawn up by Hurstpierpoint & Sayers Parish Council. One involved Wiltshire Council and the Malmesbury Neighbourhood Plan.
The housing market has reached a "plateau", according to a survey of chartered surveyors across the UK.
The Royal Institution of Chartered Surveyors (RICS) said the number of house sales agreed in August fell for the first time in two years.
Surveyors also expect prices to rise more rapidly outside London than in it.
Housebuilder Barratt Developments has reported a 103% surge in annual profits on the back of "sustained strength" in in the property market.
It said pre-tax profit for the year to June was £390.6m from £192m last year.
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