The average London home is now £514,000 according to data. Prices in the rest of the UK have also surged by 11.7 percent over the last year.
The latest data shows that house prices in the UK are still on the up – with most of the UK’s regions seeing values leap above their pre-financial crisis peaks. Property prices in London continue to boom faster than in the rest of the country, according to the Office for National Statistics (ONS).
In London property values soared to £514,000 – up 19.1 percent year-on-year. In the rest of the country, the average price of a UK home stood at £272,000 after three months of double-digit price rises.
Although some surveys have showed a cooling off of activity during summer compared to 2013, it appears that the London property market is still very buoyant – with the effect trickling out to the rest of the country. Some experts have expressed concern that high prices will create a bubble and that interest rates must go up to keep this in check. However, with a housing shortage and an influx of international investors putting their cash into London property, the market evidently remains strong.
It’s clear that politics is about to get interesting with the Scottish referendum on Thursday. We’ll be updating you with our comment on how we believe the result will affect house prices – watch this space!
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