House prices in England and Wales have climbed to a new record high after overtaking the previous peak reached at the height of the property boom, according to official data.
The Land Registry said the average home saw more than 1% added to its value in June 2015 alone, and said 21 London boroughs had seen annual price growth of at least 10%.
The figures prompted housing charity Shelter to warn that the government’s election pledges on home ownership were “on the verge of becoming an empty promise”.
The Land Registry – whose data is viewed by many as the most comprehensive and accurate – said the typical price of a home reached £181,619 in June. This is the highest figure in the 20 years that the department has been compiling data, and means house prices have now surpassed pre-crash levels. At the peak of the property boom in November 2007, the average selling price for a house in England and Wales was £180,983.
However, the headline figures mask wide regional variations. While the average home has increased in value by 5.4% over the past year, the typical London property has notched up a 9.2% rise to reach £481,820.
via The Guardian