House prices in England are now 4.6% higher than their pre-recession peak, while in London they are 31% ahead, according to the latest ONS survey of ‘mix-adjusted’ average house prices.
The ONS says that house prices across the UK were up 8% in the year to the end of March.
In London they were up 17% (£459,000), in Wales up 4.9% (£164,000), in Scotland up 0.8% (£181,000) and in Northern Ireland up 0.3% (£132,000).
In England, the average ‘mix-adjusted’ house price is £263,000. The UK average is £252,000, but excluding London is £195,000.
The ONS figures once again demonstrate a large gap between those issued by the Land Registry each month.
According to the Land Registry, the average house price in England and Wales during March was £169,124.
Comments (4)
I think rather than using the default option of "lies **** lies and statistics" it is advisable to understand the different methods used to calculate house prices by ONS, Land Registry et al.
An explanation of ONS methods can be found here: http://www.ons.gov.uk/ons/guide-method/user-guidance/prices/hpi/index.html
An explanation of LR methods can be found here: http://www.landregistry.gov.uk/public/house-prices-and-sales/about-hpi#m2
And a useful critique of all the different methods can be found here: http://www.theguardian.com/money/2012/may/03/house-prices-different-indices
gosh D-amn is naughty word?
Yep, but then there's lies, **** lies and then ONS reports…
Whilst the above is all true, there are still large parts of the UK that are below pre-recession – for example Northern Ireland, the North East, North West etc – This is generally overlooked by the London based media.
The good news is that history shows us that a ripple in London hits the far reaches of the UK 3 years + later, so other parts of the country should start to catch up.
It's nice to be able to agree with you on something, Mr Ackroyd! 😉