UK house prices pass 2007 peak: Pete Wargent
Pete WargentDecember 17, 2020
Halifax released its House Price Index for the month of June 2015 which showed the average house price passing £200,000 for the first time.
After a long slow recovery nationally, the average UK house price has also finally eclipsed its August 2007 peak.
The index moved 1.7% higher in June to be up 3.3% over the quarter and 9.6% over the year.
This represents a clear acceleration on the annual growth rate recorded in May of 8.6%.
Homes sales increased by 1% in the month of May to 98,540, despite a tight market.
The housing shortage and population pressures in South East of the country continue to be major market drivers.
Nationally the price per square metre has increased by 18% since 2010 from £1,179 to £2,010 in 2015, according to Halifax research.
Unsurprisingly the strongest performing market on this metric since 2010 has been London (+45%) with the next best performing region being the adjacent South East (+22%).
By comparison the North (+3%) and Scotland (+5%) have recorded very little growth over the past half decade.
Supply remains tight in the South East with rents in the Home Counties reportedly soaring by 5.4% in the six months to June 2015.
While mortgage approvals dipped in the May, the seasonally adjusted three month rolling figures show approvals up by 6% on the three months to February result according to Bank of England data.
PETE WARGENT is the co-founder of AllenWargent property buyers (London, Sydney) and a best-selling author and blogger.
His latest book is Four Green Houses and a Red Hotel.
Pete Wargent
Pete Wargent is the co-founder of BuyersBuyers.com.au, offering affordable homebuying assistance to all Australians, and a best-selling author and blogger.