House prices rise by 9% in the past 12 months

terrace brick-2House prices in London have risen by over 9% year-on-year, that’s almost twice the national average.

The most recent sales data for June from the Land Registry shows prices continuing to increase across the country, with London commuter regions of the South East and East also seeing substantial gains in the past 12 months.

land reg June annual

The North East had the greatest monthly rise from May to June 2015, pushing London into second place with 1.8% growth in the period. Prices fell last month in some parts of the country.

Land reg June monthly

The latest data shows that the average London house price was £481,820. That is 2.5 times the national average of £181.619 and nearly twice the prices of the second highest region, the South East.

land reg june price

As reported by Urbs, the level of house prices is causing an affordability crisis for many Londoners and younger buyers are struggling to get onto the property ladder.

Source data

 See also

House price rises fuel affordability crisis for Londoners

Under 40s locked out of housing market destined to be “generation rent”

Volume of house sales recovering but still well below pre-crisis levels