Six regions hit new house price peak, says ONS

Six regions of the UK now have average house prices higher than their pre-financial crisis peak after values rose again in July, figures show.

The East Midlands, West Midlands and South West of England have joined London, the East of England and the South East of England in rising above the peak of late 2007 and early 2008.

The Office for National Statistics (ONS) said UK property prices were up 11.7% in the year to the end of July. The biggest rise was 19.1% in London where average property prices ihad now risen above £500,000, compared with £272,000 in UK as a whole.

Average house prices:

  •     UK: £272,000, annual rise of 11.7%
  •     England: £284,000, up 12%
  •     Wales: £171,000, up 7.4%
  •     Scotland: £198,000, up 7.6%
  •     Northern Ireland: £139,000, up 4.5%
  •     North East of England: £156,000, up 9.5%
  •     North West of England: £175,000, up 7.7%
  •     Yorkshire and the Humber: £174,000, up 5%
  •     East Midlands: £187,000, up 7.6%
  •     West Midlands: £198,000, up 7.3%
  •     East of England: £282,000, up 10.6%
  •     London: £514,000, up 19.1%
  •     South East of England: £337,000, up 12.2%
  •     South West of England: £246,000, up 7.1%

The data from the ONS lags behind some other house price surveys. Figures from the Halifax, based on its own lending data, suggested a slight slowdown in August, but the opposite was reported by its rival, the Nationwide.

The Royal Institution of Chartered Surveyors recently suggested that the housing market reached a plateau in August, with prices softening in London as flats and houses had become more unaffordable.