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UK house prices soar as London leads the way with record 20% rise

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UK house prices soar as London leads the way with record 20% rise

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Published by Max Salsbury for 24dash.com in Housing and also in Finance

UK house prices soar as London leads the way with record 20% rise UK house prices soar as London leads the way with record 20% rise

UK house prices soared by 10.5% in the year to May, the Office of National Statistics' latest figures have revealed, up from 9.9% in the year to April.

And London led the pack, where prices dramatically increased by an astonishing 20.1% - a new record.

Taken as whole, England saw an 11% rise; Wales 6.5%; and Scotland 3.6%.

Only Northern Ireland saw a drop, where prices overall fell by 0.7%.

Taking London and the South East out of the equation, UK prices rose by a slightly more bearable 6.4%.

And the dramatic rises saw first time buyers take a kicking. In May, prices paid by FTBs were 11.3% higher on average than in May 2013. For owner-occupiers (existing owners), meanwhile, prices increased by 10.1% for the same period.

On a seasonally adjusted basis, average house prices increased by 0.8% between April and May this year.

Tom Copley, London Assembly Labour Group spokesperson on housing, said: “For many Londoners struggling to get a foothold in the burgeoning property market, waking up to the news that property prices have risen again will feel like groundhog day. The likelihood of owning your own home is becoming an ever more distant dream for too many Londoners.

“People are crying out for serious leadership on housing in London. Boris Johnson has utterly failed in this regard over the past six years of his Mayoralty. A key driver for the soaring property market is the fact that on his watch London is currently only building a third of the 62,000 new homes we need each year to keep pace with our growing city.”

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