London house prices ready to break through £500,000 mark
House price growth dipped slightly in June, while the average property in the capital climbed to just shy of £500,000, according to figures released yesterday.
Prices across the UK as a whole still rose in the year to June, up by 10.2 per cent, but the figure was a slight drop from May’s 10.7 per cent.
Office for National Statistics figures show that London prices followed a similar trend, rising by 19.3 per cent in the same 12-month period, down from 20.1 per cent the month before. the average house price in London hit £499,000 during the month, with the half a million mark rapidly approaching.
“Lending regulations and the summer slowdown have started to inject a double dose of reality into the housing market,” said Brian Murphy of Mortgage Advice Bureau
Excluding housing in London and the south east of England, price growth was much slower across the country, rising by just 6.3 per cent.
London’s house prices are more than one-third higher than they were in 2008, at the start of the UK’s financial crisis.