London Housing Boom: House prices increase 9.4%
House prices in London have increased 9.4% in the year ending February 2015 as the competition for housing in the city heats up.
According to the latest House Price Index report from ONS, the growth in London was the second highest following the East (10.7%) and followed by the South East (7.8%).
The lowest growth in February 2015 was in the North West, where prices increased by just 3.7% over the year.
In February 2015, London continued to be the English region with the highest average house price at £490k and the North East had the lowest average house price at £153k.
London, the South East and the East all had prices higher than the UK average price of £268k.
Last month, a report by House Building Federation and planning consultancy, Nathaniel Lichfield and Partners, stated only 18,050 new homes were built in London last year, compared to a need for 62,000.