House prices rise nine per cent in a year to an average £300,000

And up 11 per cent to £600,000 in London

Housing: Another Boris fail

 

London’s new mayor Sadiq Khan has his work cut out tackling the housing crisis, as new data reveals prices in the capital have soared 11 per cent in a year, with average prices now at £600,625.

Meanwhile prices in England and wales have jumped 8.9 per cent since April 2015 to an average of £298,030 in March.

The figures come from analysis of Land Registry data by property firm LSL, which owns Your-Move.co.uk, as reported by The Guardian today.

House prices nationally are above pre-crash levels in nine out of ten regions – all except north-east England – with a 50 per cent rise over the last seven years.

London prices have almost doubled since 2009, and are double in eight boroughs, the highest being Waltham Forest in east London, with prices rising by 113 per cent, and the average price in Walthamstow now £430,704.

The latest figures follow a trend since the financial crisis. House prices in London have sky-rocketed since the last housing bubble burst in 2007/8.

House prices ONS

(Source: Nationwide)

See the last fifth of this graph, from 2009 to 2015. The red line represents London prices in relation to incomes.

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