This article is from the source 'bbc' and was first published or seen on . It last changed over 40 days ago and won't be checked again for changes.
You can find the current article at its original source at http://www.bbc.co.uk/news/business-24124904
The article has changed 4 times. There is an RSS feed of changes available.
| Version 0 | Version 1 |
|---|---|
| English house prices at record high, ONS figures show | English house prices at record high, ONS figures show |
| (35 minutes later) | |
| House prices in England have reached a record high, according to figures from the Office for National Statistics (ONS). | House prices in England have reached a record high, according to figures from the Office for National Statistics (ONS). |
| The ONS house price index for England alone is now 0.9% higher than it was at the previous peak in January 2008. | The ONS house price index for England alone is now 0.9% higher than it was at the previous peak in January 2008. |
| Overall, the ONS said UK house prices were 3.3% higher in July 2013 than a year ago, up from 3.1% last month. | Overall, the ONS said UK house prices were 3.3% higher in July 2013 than a year ago, up from 3.1% last month. |
| But large rises in London and the South East are distorting the figures for the whole country. | But large rises in London and the South East are distorting the figures for the whole country. |
| Prices in London rose by 9.7% over the past year, according to the ONS, and the capital is the only area in the UK where prices are rising faster than inflation. | |
| But excluding London and the South East, prices in the rest of the UK only rose by 0.8% in the year to date, and prices are falling in Scotland, Wales and northern England. | |
| Bubble? | |
| A range of other statistics, including mortgage approvals and transactions, suggest that the UK is still a long way from another house price boom. | A range of other statistics, including mortgage approvals and transactions, suggest that the UK is still a long way from another house price boom. |
| The most recent figures from the Land Registry, which records house sales in England and Wales, indicate the market is well below the peak reached in November 2007. | The most recent figures from the Land Registry, which records house sales in England and Wales, indicate the market is well below the peak reached in November 2007. |
| Howard Archer, chief UK economist at IHS Global Insight, said: "We are currently some way off any new housing bubble developing, with activity still relatively limited compared to pre-crisis levels." | |
| However, the ONS figures suggest that UK house prices as a whole are close to the record level recorded in January 2008. | |
| At that time, its UK house price index stood at 185.5. In July 2013, the figure had edged up to 185.0, within a whisker of its previous peak. |