UK house prices rise
The UK Land Registry released its June 2015 House Price Index report yesterday, widely considered to be the most reliable of the indices.
House prices in England and Wales rose to new record highs, having recovered in full from the post-2007 correction.
However, disaggregating the data into its component parts shows that price growth since the financial crisis has really been all about London - and to some extent the Home Counties - versus the rest.
London prices are up by 9.2 per cent over the past year, taking the seasonally adjusted House Price Index soaring to 524.06 (1995 = 100).
The average London house price on this index is now £481,820, driven by record low interest rates and a chronic housing shortage.
The average UK house price rose by 1.1 per cent in June to £181,619 - an annual increase of 5.4 per cent - which even now is only just ahead of the May 2007 record of £180,893.
Within London, house price growth has cooled in the prestige areas such as Kensington and Chelsea and the City of Westminster, this moderation in growth following some extraordinary gains.
The best performing boroughs over the past year include somewhat more affordable boroughs such as Croydon (+14.6 per cent).