Official figures released yesterday (19 August) show that annual house price inflation was 10.2 per cent in June, down slightly from May\u2019s 10.4 per cent but still in double figures and mainly so high because of prices in London, where the value of property increased by 19.3 per cent over the year.<\/p>\n
According to the Office for National Statistics (ONS) the average price for a home in the capital is now just shy of \u00a3500,000, more than one-third higher than it was in 2008 at the start of the UK\u2019s financial crisis and almost double the average value of property elsewhere in the UK.<\/p>\n
However, June\u2019s figure for price rises in all 32 London boroughs and the City was slightly lower than May\u2019s, meaning that the Bank of England\u2019s measures to ward off another housing bubble may be paying off.<\/p>\n
That said, the ONS believes it is too early to say whether the housing market is starting to cool and other surveys show conflicting trends; in July, Nationwide said that house prices had started to moderate but this month Halifax suggested that prices were up 10.2 per cent from the year before.<\/p>\n
However, according to the ONS, prices rose elsewhere in the country by 6.3 per cent in June and were up in every region, including Northern Ireland, where they rose by 4.9 per cent. Meanwhile, in the UK as a whole, prices paid by first-time buyers were on average 12 per cent higher in June this year than in the same month last year.<\/p>\n
While many charities criticise the cost of property, in some regions of the country housing markets remain fragile, with the North West and Humberside being given by local estate agents as prime examples.<\/p>\n","protected":false},"excerpt":{"rendered":"
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