U.K. house prices climbed in June to surpass highs reached in 2007, as the average price of a property in London reached £400,000 ($686,190) for the first time, a new survey showed.
London property prices are more than twice as high as the rest of the country after the fourteenth successive monthly increase, according to the survey by U.K lender Nationwide.
House prices were up 1 percent in June from May, bringing the annual pace of price growth to 11.8 percent, up from 11.1 the previous month.
Homebuilder Persimmon chief executive, Jeff Fairburn, told CNBC the situation is clearly very different in London compared to the rest of the U.K, where the group operates.
“Actually the real price inflation on our houses for sale is fairly muted and we would estimate that so far this year we have only seen about 1 percent increase. ONS statistics indicate around 2 percent for the last 2 months, it is at a very manageable level outside of London,” Fairburn said.