26.08.2014
Much of the rise in house prices has been driven by the buoyant London market, which saw prices rise twice as fast as the rest of the UK. A 19.3 per cent increase in property prices in the capital was recorded in the 12 months to June.
The recent increases put the average house price in London at £499,000. When the capital and south-east are removed from ONS figures, UK house prices increase by just 6.3 per cent, standing at an average of £201,000.
ONS figures revealed that all regions of the UK saw a rise in average property prices in the last 12 months, with the north-east still remaining the English region with the lowest house prices, at an average of £150,000.
Property prices in England have increased at a faster rate than the UK average, experiencing a 10.7 per cent annual rise and England remains the only UK country where prices have surpassed their pre-financial crisis peak.
London Property Prices Increased 19.3% In 12 Months
The last 12 months have seen average house prices in the UK rise by 10.2 per cent to reach £265,000, according to new figures released by the Office for National Statistics (ONS).Much of the rise in house prices has been driven by the buoyant London market, which saw prices rise twice as fast as the rest of the UK. A 19.3 per cent increase in property prices in the capital was recorded in the 12 months to June.
The recent increases put the average house price in London at £499,000. When the capital and south-east are removed from ONS figures, UK house prices increase by just 6.3 per cent, standing at an average of £201,000.
ONS figures revealed that all regions of the UK saw a rise in average property prices in the last 12 months, with the north-east still remaining the English region with the lowest house prices, at an average of £150,000.
Property prices in England have increased at a faster rate than the UK average, experiencing a 10.7 per cent annual rise and England remains the only UK country where prices have surpassed their pre-financial crisis peak.
Expert Opinion
The figures from the Office for National Statistics indicate a very positive housing market in the UK, with prices passing 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 carried out quickly and efficiently. It is therefore imperative that buyers are in a position to proceed with their purchase as quickly as possible. <br/> <br/>“We would encourage anyone planning a move, no matter what their individual circumstances, to instruct a legal advisor as soon as possible to ensure the best possible advice is available to them.” Helen Hutchison - Partner
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