UK house price growth has been the topic of much speculation, with fears of a bubble and loud criticism of a lack of new homes. Recent house price growth has been especially strong in London, where it reach an annual rate of 20.1 per cent last May, and the capital continues to lead the country as the fastest growing region.
Despite this, prices in the capital, according to the Office for National Statistics, are 2.3 per cent below their August peak. Each region however has its own story. Below are 16 charts showing how houseprices have evolved since 2002. They show the growing property bubble and then the sharp downturn and finally the differing routes and extents of the recovery. Among the 16 is one showing the UK without London and another the UK without the capital or the south east.
The ONS data takes 2002 as a reference point and the shows what percentage of that point each region now boasts. Remember: the graphs show change, not prices; so a score of 167 per cent in the south west is not the same as 167 in Scotland.
Here is a graph showing the most recent house price data from the ONS, by region.