16.09.2014

UK Average House Prices Have Reached £272,000

New figures from the Office for National Statistics (ONS) have revealed that property prices in six regions of the UK have recovered to pre-recession levels.

Statistics from July indicated London, the south-east of England, the east of England, the East Midlands, West Midlands and the south-west of England prices have now surpassed those of late 2007 and early 2008.

London saw the biggest increase in the year up to the end of July, experiencing a 19.1 per cent price rise, while property values rose 11.7 per cent across the UK as a whole.

Average prices in the capital have now passed £500,000, significantly higher than £272,000 in the UK as a whole.

The slowest property price growth was seen in Northern Ireland, with the region seeing a 4.5 per cent increase, closely followed by Yorkshire and the Humber, where average prices rose five per cent.

Expert Opinion

The latest figures from the ONS indicate a very positive housing market in the UK, with houses recovering and surpassing their pre-financial crisis peak and people continuing to buy. <br/> <br/>“With such a competitive housing market in operation, particularly in London, it is vital property purchases are completed efficiently and quickly, which makes it imperative buyers are in a position to proceed with their purchase as soon as possible. <br/> <br/>“Any individuals planning a move, no matter what their circumstances, should instruct a legal advisor as soon as possible to ensure the best advice is available to them.” Gillian Coverley - Partner