London has been one of the most expensive cities in the word to live in for several decades, and the trend is showing little sign of ending any time soon. According to an October 14th article in the Financial Times, the UK’s Office for National Statistics reported earlier this week that London housing prices were up 19.6% year-over-year as of August. The numbers for both July and August represent the biggest one-month price increases since 2007.
Statement from ONS head
In a statement, Chris Jenkins, the head of housing market indices at the ONS, said the major year-over-year increase in London housing prices was partly because of a slower rate of growth in August 2013. “But that still takes nothing away from the fact that prices in London are rocketing,” he continued.
Regional breakdown of UK housing market
According to the ONS, the UK’s national housing price growth was 11.7% in the 12 months to August. The average property price climbed to £274,000.
Southeast England was one area that saw above-average growth of 12.3% The eastern part of England recorded a 11.6% increase.
Housing price growth outside London and the southeast was 7.8% overall.