Agents are urging the government not to over-react to continuing double-digit house price rises after the latest ONS figures show a 10.2 per cent annual hike.
David Newnes of LSL Property Services says “further interventions or borrowing caps could pull the rug out from under the market†and points out that the latest Office for National Statistics data actually shows seven regions in England and Wales with falling house prices in June - the latest data released.
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The 10.2 per cent average - slightly down on the 10.4 per cent a month earlier - was driven extensively by higher-still increases in London and the south east of England. Â
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Broken down into the national regions, house price annual inflation was 10.7 per cent in England, 3.5 per cent in Wales, 6.0 per cent in Scotland and 4.9 per cent in Northern Ireland.Â
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London rose by 19.3 per cent and the south east by 9.7 per cent. Excluding these two regions, UK house prices increased by a more modest 6.3 per cent in the 12 months to June.
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Peter Rollings, chief executive of London’s Marsh & Parsons chain, says the slight moderation in growth indicates “a steady, healthy direction†and that the capital is seeing “strong, sustainable recovery†despite the spectacular price increases.
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· LSL Property Services
· ONS
· Marsh & Parsons
Reported by Estate Agent Today 2 hours ago.