THE value of a typical home rose 10.2 per cent in the 12 months to June to an all-time high of £265,000, according to the latest figures from the Office for National Statistics (ONS).
But while average prices in England are 10 per cent above the pre-recession peak, in Northern Ireland they are still down nearly 50 per cent, in Wales they are off more than three per cent and in Scotland the shortfall is nearly two per cent.
Prices in only three out of the nine English regions measured by the ONS are higher than they were before the crash. London is leading the way, up 35.6 per cent, followed by the South East where the cost of the average home is 9.2 per cent higher than in January 2008 and the East where values are up 6.5 per cent. But in the North East, where the average home is worth just £150,000 compared with £499,000 in London, values are still 6.8 per cent below their peak.
More recent house price data suggests that the housing market has started to cool as buyers in London and the South East scoff at runaway prices and worry about the prospect of higher interest rates.
A clampdown on risky mortgage lending — including strict new affordability tests for borrowers — has also taken some of the heat out of the market.