Tuesday, 09 August 2022

House values hit record levels as costs go up by 11 per cent

A REPORT from the Office for National Statistics (ONS) shows that house prices in July reached all-time highs in Scotland, the Midlands and the South West, while values in London, the South East and eastern England have already hit record levels.

According to the report July saw a monthly average UK house price rise of 1.6 per cent, taking the annual jump in values to 11.7 per cent.

But prices in London rose even more dramatically over the 12-month period, jumping by 19.1 per cent. People seeking to buy a home in the capital, the ONS figures show, now have to fork out an average of £514,000.

The pre-recession peak in average property prices has now been exceeded by 13 per cent across England while in Scotland values are 0.7 per cent on the previous high.

In Wales typical property prices are now only 0.8 per cent under their 2008 peak but in Northern Ireland values are still 46.7 per cent below their previous high point.

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