London house prices up 20% in a year
07-16-2014
The average price for homes in London soared by 20% from May 2013 to May 2014, statistics released by the government revealed today.
The average UK house price, according to the Office For National Statistics House Price Index, increased by 10.5% in the year to May 2014, up from 9.9% in the year to April. This is broken down to 11.0% in England, 6.5% in Wales, 3.6% in Scotland and -0.7% in Northern Ireland.
Prices in London, 20.1%, the south east, 9.6%, and the east, 8.6%, are driving this average price. Excluding London and the south east, the average UK house price is 6.4%.
First-time buyers paid 11.3% more on average in May 2014 than in May 2013 and for owner-occupiers prices increased by 10.1%.
Campbell Robb, chief executive of Shelter, said: ‘Once again these figures show that house prices are spinning out of control, putting a stable home even further out of reach for ordinary families. Instead scores of people are either stuck in their childhood bedrooms or forced to bring up children in unstable and expensive rented homes, however hard they work or save.
He continued: ‘The government has to start meeting people halfway by committing to building the homes that they can afford. From a new generation of part rent part buy homes, to encouraging smaller builders back into the market, we know that this is possible. Now we need to see action that will bring an affordable home back within reach.’