A report from the Office for National Statistics (ONS) shows that prices in July reached all-time highs in Scotland, the Midlands and the South West, values in London, the South East and eastern England having already hit record levels.
A report from the Office for National Statistics (ONS) shows that prices in July reached all-time highs in Scotland, the Midlands and the South West, values in London, the South East and eastern England having already hit record levels.
According to the report July saw a monthly average UK house price rise of 1.6%, taking the annual jump in values to 11.7%.
But prices in London rose even more dramatically over the 12-month period, jumping by 19.1%.
People seeking to buy a home in the capital, the ONS figures show, now have to fork out an average of £514,000.
And, having risen above the half-a-million-pound threshold, those buying a typically-priced London property now also face having to pay stamp duty of 4% instead of the 3% for homes priced between £250,001 and £500,000.
The pre-recession peak in average property prices has now been exceeded by 13% across England while in Scotland values are 0.7% on the previous high.
In Wales typical property prices are now only 0.8% under their 2008 peak but in Northern Ireland values are still 46.7% below their previous highpoint.
Around the UK the average price of a home is now £284,000 in England, £198,000 in Scotland, £171,000 in Wales and £139,000 in Northern Ireland.
The ONS report also shows that first-time buyers are now having to fork out an average of £209,000, 13.5% more than they did 12 months ago.
But there are also signs that the housing market is slowing down slightly, the Royal Institution of Chartered Surveyors having reported that the average sale is now taking a month longer to complete than it was at the beginning of 2014.
Strutt & Parker’s data for the second quarter of 2014 showed signs of uncertainty in the Prime Central London (PCL) market, with the number of transactions in the sub £2m market down by -17.2% on the same quarter last year. The £5m plus market fared much better, with an increase in transactions of 18.6% - whilst the £2-5m bracket stayed relatively stable at -0.5%.
Read more Strutt & Parker research, or contact your local office for more information.