Average UK house prices rose by 8.5 per cent in the year to May, according to the LSL Property Services/Acadata House Price Index.
The average UK house price was £266,013, a monthly change of 0.9 per cent.
David Brown, commercial director of LSL Property Services, comments: “Average house prices across England and Wales have climbed £20,938 in the past year. This 8.5 per cent 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.”
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|Source: LSL Acadametrics|