New data from the UK Office of National Statistics show in six regions of the UK house prices are at their highest ever levels. Outside of London and the South East of England house prices increased on an average of 7.9% in 12 months.

However in London the rise in price was an average of 19.1% which means the average house price has risen above £500,000 and in Central areas of the capital much higher. Prices continued to accelerate in June but July saw the fastest pick up in prices with the average London home accumulating an additional £15,000 in worth in that month alone.

The range of factors that drive high London property prices appear set to continue.

(The contents of this market update are intended for the purpose of general information and should not be relied upon as the basis of decision making on the part of the reader. Whilst every effort has been made to ensure its accuracy, Angela Silverman & Associates accepts no liability for any loss or damage resulting from its use. )