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London House Prices Surge 43% Since Recession
This article is an external press release originally published on the Landlord News website, which has now been migrated to the Just Landlords blog.
London House Prices Surge 43% Since Recession
House prices in London have soared by 43% since the pre-financial crisis peak in 2008.
The average price of a property in the capital rose by 5.3% in the past year, to £513,000, says the Office for National Statistics (ONS). The average price across the UK increased by 5.7% to £277,000 over the same period.
Shelter’s Roger Harding says that prices were up £12,000 nationally from this time last year and urges the Government to build more affordable homes.
He believes a further price rise “means for an entire generation, a home of their own is nothing but a pipe dream.”1
Richard Snook, Economist at PricewaterhouseCoopers, warns that by 2025, there will be more private renters than those owning a home with a mortgage.
Housing Minister Brandon Lewis claims that the Government has delivered over 260,000 affordable homes in the last five years. He adds: “This is real progress, but we know there is more to do.”1
1 Binns, D. (2015) ‘House prices soar 43% since crunch’, Metro, 19 August, p.7
