Time to build a cabin in the woods: House prices up £21,000 in a year
Published by Max Salsbury for 24dash.com in Housing and also in Finance
For sale sign
In yet another blow to aspiring homeowners, house prices have shot up by an average £21,000 (or 8.5%) in the last year.
However, if gold-plated London is taken out of the equation, prices nation-wide have risen by a slightly more bearable 6.3%.
The average price for a home in England and Wales has now hit an all-time high of £266,013.
The soaring figures were revealed in LSL Property Services' sexy-sounding England and Wales House Price Index.
David Newnes, director of Reeds Rains and Your Move estate agents, both owned by LSL, said: “Average house prices across England and Wales have climbed £20,938 in the past year. This 8.5% rise is the highest annual increase we’ve witnessed since August 2010, when the housing market was edging back from the throes of the financial crisis, and brings average property prices to a new peak of £266,013.
“As the vigorous health of the UK housing market catches international and media attention, all eyes have been on how the government and regulators will react. However, the growing clamour for intervention neglects the fact that when taking inflation into account, only London and the South East have seen house price growth in ‘real’ terms since January 2005.
"London is in a league of its own, with prices climbing 13.3% on an annual basis. When you take the capital out of the equation, average prices across England and Wales have risen just 6.3% in the last year to £221,212. This price difference is the largest since our records began."