London market cools after 2014 housing boom
LONDON’S house prices led last year’s nation-wide boom, figures released by the Office for National Statistics yesterday revealed.
UK house prices climbed by 10 per cent in the 12 months to November, down from 10.4 per cent in the year to October. The figure was boosted by price growth in the capital which was 15.3 per cent, and to a lesser extent the south east where prices gained10.8 per cent over the year.
Excluding prices in London and the south east, annual house price growth is a more modest 7.1 per cent in the 12 months to November.
The boom has been cooling recently with prices in London 2.5 per cent below their August levels.
London remains the most expensive place to buy with houses costing an average of £501,000 in November. The UK average price was £271,000 while the cheapest region to buy was the north east where average prices were £155,000.