House prices in London have risen by almost 20% in the last year, figures released by the Office for National Statistics have shown.
House price growth in London continues to outpace the rest of the country, with the price gap now the biggest in almost two decades.
The outlook for the UK housing market is ‘highly uncertain’ despite strong growth in the last 12 months, Nationwide’s chief economist Robert Gardner has warned.
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Repossessed properties sold in the six years since the financial crisis sold for around 35% below market value, figures from HML have shown.
More than a quarter of working 20- to 34-year-olds still live with their parents, with many unable to afford to buy or rent a place of their own.
House prices in June were 6.4% higher than a year ago although the market saw no growth between May and June, figures from the Land Registry have shown.
The Bank of England’s assessment that mortgage lending poses no immediate threat to financial stability has come as music to the ears of the market after rumours of a crackdown that could have thrown the recovery into reverse.
Recently released statistics from Knight Frank and the RICS have dismissed the notion of a UK housing bubble.
The average house price in London grew by more than a fifth in the last year, the latest data released by from the Office for National Statistics has shown.
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