London house prices jumped 11.3 per cent year-on-year in March, figures released yesterday by the Land Registry show.
It compares with 5.3 per cent property price gains for the whole of England and Wales.
“Much has been done to ensure that people have the funds they need in order to get that essential start on the housing ladder, but this is just a plaster on the surface of the problem. It’s time to move away from these emergency room tactics and start planning for sustainable ways to house people in the UK – and more houses are exactly what the doctor ordered,” said Andrew Bridges, managing director of estate agents Stirling Ackroyd.
Meanwhile, the UK’s economic growth was reflected in the number of repossessions, which plunged by 45 per cent in January compared with January 2014.