The cost of buying a house increased by 0.4 per cent during July, according to the Land Registry.

It was noted by the organisation that between June 2010 and last month there had been an increase which saw the average cost of buying a home in England and Wales reach £166,798.

Figures from the House Price Index also revealed that there had been a rise of 6.7 per cent on property costs in the past year.

Across the country, nine regions saw an increase in the average cost of homes during the last 12 months, with London seeing the largest rise at 12.1 per cent.

Meanwhile, the north-east recorded a 1.4 per cent fall in costs.

For homeowners in Scotland, the cost of purchasing a property for mortgage holders was noted by the Council of Mortgage Lenders to require the lowest proportion of income of any region in the UK during the second quarter of 2010.

Written by Graeme Pieterson

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