Pete Wargent blogspot

CEO AllenWargent Property Buyers, & WargentAdvisory (institutional). 6 x finance author.

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Wednesday, 23 March 2016

London house price passes £550,000

London & Home Counties lead

The UK Office for National Statistics released its latest House Price Index for January 2016 which showed England prices surging by +8.6 per cent over the year to an all-time high of £306,000. 

By contrast prices were either broadly flat or falling in Scotland, Wales and Northern Ireland in the year to January. In Northern Ireland the index remains 42.9 per cent below the August 2007 peak.

At the other end of the spectrum London prices are now +53.4 per cent higher than at their pre-crisis peak, and London's mix-adjusted average house price has given me a fresh y-axis headache in blazing off the top of the chart to £551,000. 

Over the year to January 2016 the price growth was heavily focussed on the capital city and the Home Counties, with London (+10.8 per cent), the East (+9.8 per cent) and the South East (+11.7 per cent) all recording strong growth. 

The six remaining regions saw price ease in the month, with prices generally not that much changed from their 2007 peak.