House prices in England and Wales have climbed to a new record high after overtaking the previous peak reached at the height of the property boom, according to official data.
The Land Registry said the average home saw more than 1% added to its value in June 2015 alone, and said 21 London boroughs had seen annual price growth of at least 10%.
The figures prompted housing charity Shelter to warn that the government’s election pledges on home ownership were “on the verge of becoming an empty promise”.
The Land Registry – whose data is viewed by many as the most comprehensive and accurate – said the typical price of a home reached £181,619 in June. This is the highest figure in the 20 years that the department has been compiling data, and means house prices have now surpassed pre-crash levels. At the peak of the property boom in November 2007, the average selling price for a house in England and Wales was £180,983.
However, the headline figures mask wide regional variations. While the average home has increased in value by 5.4% over the past year, the typical London property has notched up a 9.2% rise to reach £481,820.
via The Guardian
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Alfonso Esparza
trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
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