The average house price in the South West has reached a new record high with homes now 3.6 per cent more expensive compared to at its peak before the recession in 2007.
The typical cost of a home in the region is now around £250,000, which is £24,000 cheaper than the average house in the UK but £78,000 more expensive than Wales' average house price.
South West homes have, on average, risen by 9.6 per cent in the last year.
Overall UK house prices increased by 11.7 per cent in the year to August 2014, unchanged from the year to July 2014.
House prices are increasing strongly across the UK, with prices in London again showing the highest growth of 19.6 per cent and to a lesser extent increases in the South East (12.3 per cent) and the East (11.6 per cent).
According to the Office of National Statistics, in August 2014, London continued to be the English region with the highest average house price at £514,000 and the North East continues to have the lowest average house price at £154,000.
House price annual inflation was 12.2 per cent in England, 4.7 per cent in Wales, 6.7 per cent in Scotland and 9.6 per cent in Northern Ireland.
In August 2014, prices paid by first-time buyers were 12.9 per cent higher on average than in August.
For owner-occupiers (existing owners), prices increased by 11.2per cent for the same period.
