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House prices muted since last General Election – everywhere except London

published on 24/06/2014  

House prices have risen by 31.5% in London since the last General Election, but by just 0.16% across the rest of England and Wales. Since May 2010, average house prices in the capital have risen by £103,323 on average from £331,711 in 2010 to £435,034 this year. This means that someone who purchased a property in London four years ago has had the equivalent of a second income of £25,830. However, the figures – from comparison website Gocompare – show that the story isn’t the same across the entire country, as only five of the nine regions of England and Wales have enjoyed any rise at all over the four-year period. House prices have dropped in Wales and in the north-west, north-east, and Yorks & Humber regions. Of the other regions, the south-east experienced the most growth with a 7.8% (£16,384) rise in property values – still nearly four times lower than the boom enjoyed in London. Conversely, the north-east suffered the biggest drop in house prices with an 8% fall from £107,717 in 2010 to £99,001 in 2014, a loss of £8,716. The Bank of England is due to announce this week if it will intervene in Britain’s house price “boom”.