Average house prices in England and Wales rose 9% as sales increase 17% year on year

Average house prices in England and Wales have broken through the £200,000 barrier.

The latest quarterly figures from the Land Registry show that house prices rose 9% to £211,453 from July to September.

The figures reveal that the number of homes being sold in England and Wales was up 17% on the previous year.

The rises come despite an interest rate rise in August. The RICS has called for the Bank of England to increase rates to cool the buoyant economy, which has seen both the stock exchange and housing market grow strongly this year.

House-hunters an eye on a bargain should head for the three districts where prices actually fell last year: Blackpool, Anglesay, Leicester and Monmouthshire.

By contrast the well-healed residents of Kensington & Chelsea saw the average price of their properties nudge ever closer to the £1,000,000 barrier. A house next door to José Mourinho now costs £942,000 on average.