London prices keep climbing

6th June 2014

According to data from the ONS, house prices in London are almost 25% above their pre-downturn peak, fuelling concerns over the widening gap between property values in the capital and other parts of the country.

In its June economic review, the ONS said that in March three regions returned to pre-downturn highs seen in June 2008 - the southeast, the east and London. The housing market in the rest of the UK remains below that benchmark. The CEBR think-tank believes house prices in London could rise by 54% by 2020, taking the average price of a home in the capital to more than £700,000. Separately, a report from the Registers of Scotland has revealed that house prices in Scotland have risen by more than a third over the last decade. The average price for a home in 2013-14 was £157,476, up almost 37% from the £115,056 recorded in 2004-05, according to the report.

Source: The Times (05/06/2014)