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UK house prices have risen to a record level, according to the Office for National Statistics (ONS).

In August, the ONS's house price index stood at 185.8, surpassing its previous peak of 185.5 in January 2008. The average price of a house or flat in the UK is now £247,000, the ONS said, the highest figure since the index was first calculated in 1968.

The figures suggest house prices are rising in England, Wales and Northern Ireland, but still falling in Scotland.

Prices across the UK rose by 3.8% in the year to August 2013, up from 3.3% in July. However, excluding London and the South East -

The UK's housing boom ended in 2008 as the banking crisis and credit crunch bit.

In the subsequent years, sales and prices fell in most areas, leaving some people in negative equity. Many potential buyers found they were unable to get on to the ladder as risk-averse banks rationed their lending.

But 2013 has seen hints of a revival in the housing market, driven in part by signs of the return of first-time buyers. Transactions have risen but the number of homes for sale has failed to match demand in many areas, pushing up prices.

Annual increases are now at a level not seen for at least three

Whilst state agents operate the ‘bid-down’ private treaty conditional sales method, auctioneers use the ‘bid-up’ non-conditional approach to selling property.

Property types that typically benefit from the speed and certainty that the auction environment provides are:

•      Tenanted property – single AST, HMO and portfolios •       Mixed use – commercial units with part residential •       Development property – with or without planning consent •       Development land – with or without planning consent •       Amenity land – paddocks, woodland etc. •       Ground rents – the freehold or

The freehold of Liverpool’s iconic Cavern Walks Shopping Centre together with seven floors of offices above and world famous music venue The Cavern Club will be offered at Allsop’s 16th October commercial auction at the Park Lane Hotel, W1.

The high profile lot situated close to the newly completed Liverpool One Retail and Leisure Scheme is expected to attract a wide range of investors due to its prominent city centre position within the Cavern Quarter. With a guide price of £1 million the lot represents significant investment potential.

The property is arranged over 10 floors with the lower

Nationwide building society has said that house price growth is accelerating, with an average annual increase of 5% in the UK in September. This was driven by price rises in cities such as Manchester and Belfast. London prices were at an all-time high, but overall UK prices were 8% below the peak of 2007, the survey said. According to research, property prices had risen by 0.9% in September compared with the previous month. This valued the average home in the UK at £172,127.

House prices, and activity in the housing market, have been gathering pace. The Nationwide said prices were growing

Landlords in the UK have been warned that they may not possess the correct insurance for their properties.

New research from AXA Business Insurance has found that around one in four proprietors either have the wrong type of cover or none at all - putting not only themselves, but their tenants at risk.

Should the worst happen, these individuals may be left with little by way of financial protection. In addition, it was shown that around three-quarters of those questioned have purchased household insurance rather than a commercial policy. This might therefore make them more vulnerable to having

The boom in Britain’s property market is fuelling a huge jump in profits for the country’s growing army of Buy to Let landlords.

Near record rental values coupled with the rise in house prices will generate average returns of 13% in the next twelve months, more than £22,000 per property, a report found.

It also revealed rents are within £1 of their all-time high at £743 a month in England and Wales. August’s figure marks a 0.7% increase on July and is up 1.3% on August last year.

David Newnes, of lettings giant LSL Property Services, which released the report, said if rental property prices

Auction House East Anglia have expanded its property auction operation by adding an Ipswich auction room to better service the Suffolk and North Essex region. The new Ipswich based auction will complement the established auctions held by Auction House in Norwich and Kings Lynn.

Established and respected local auctioneer, Mark Willett, joins the Auction House East Anglia team from Ipswich based Goldings Auctioneers, to head the new operation from its offices at Saracens House Business Centre, 25 St Margaret’s Green, Ipswich, IP4 2BN.

Mark, Regional Manager Suffolk & North Essex comments, “I am

Sales at the auction totalled just over £8.7m with 38 lots out of 43 offered being sold by the end of the day – a success rate of 89%. A four-bedroom Victorian semi-detached house in Thornton Heath, Surrey (pictured) which needed total renovation started with a guide price of £125,000 and sold for £281,000.

Auctioneer Andrew Binstock said: “This was a grade A auction stock lot, in a great location, priced at a good level. It provided a classic auction sale model as we drummed up plenty of interest with its guide price ahead of the day, and were able to see the drama unfold in the saleroom

The buy-to-let index, produced by LSL Property Services, shows average rents rose to £743 in August - a monthly rise of 0.7%. The record high of £744 a month was in October 2012.

Compared with August 2012, they are up 1.3%. However that is still below the inflation rate of 2.7%.

London saw the highest rent increases with prices up 4.8% year-on-year. Wales saw the second highest jump, a rise of 2.3%, while Yorkshire and the Humber are 1.6% lower than in 2012.

Housing shortage

The overall figures contrast with last month's report which showed that private tenants were experiencing smaller rent