Commenting on the Land Registry's February market data released today, Aldermore Bank Residential Mortgages Managing Director Charles Haresnape says:
"While house prices are continuing to rise in some areas, it is interesting to note that average house prices are still around £11,000 lower than they were at the peak of the market in November 2007.
"London and the south east are significantly influenced by cash buyers which skews the results for the UK as a whole. If you look at the north east, house prices are actually falling. It is important to view the south east and rest of the UK as two very different markets.
"As house prices continue to rise in the south east, it may be the case that affordability constraints in the south east dampen the rate of growth on properties where mortgages are required."
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