England's house price growth surpasses 2007's peak

England's house price growth surpasses 2007's peak

Annual house price growth in England and Wales is now higher than it has ever been, according to the latest data released by the Land Registry. In the past year, house prices have surpassed those seen in the peak year of 2007, but this is the first time annual growth has gone past pre-recession levels, the data showed. 

According to the new information, in the 12 months to the end of June this year, the growth in house prices hit some 5.4 per cent, which is faster than at any other time since records began. It took house valuations across England and Wales to a new average high of £181,619 at the same time. 

This surpasses the previous peak of £180,983 in November 2007 as the monthly growth figures between May and June showed that prices were up by 1.1 per cent in the space of just one month. 

Regionally, the largest house price growth in the space of the last year was, unsurprisingly, London, where the cost of a home climbed by some 9.2 per cent in the space of 12 months. The largest monthly rise was in evidence in the north-east of England, where they were up by some three per cent in just a few weeks. 

Adrian Gill, director of Your Move and Reeds Rains estate agents, said the current figures in evidence across the UK show that the market is performing well and is very healthy. 

"Confidence at the bottom of the market is particularly strong and it is the region with the lowest average house price, the North East, that has seen the biggest monthly improvement in prices, as cheaper mortgage finance and government support schemes inject more energy into areas where the recovery needs a careful watch," he said.