HOUSE prices are rising fastest in the East of England, official figures show, as analysts suggest property market ‘action’ has moved out of London.
The typical home in the East increased in cost by 8.3 per cent in the year to the end of July, the Office for National Statistics said.
Prices in London, which saw big rises last year, rose by 5.5 per cent, slightly lower than the average in England of 5.6 per cent.
Overall, UK house prices increased by 5.2 per cent in the year to the end of July.
The other area to see significant price growth was Northern Ireland, up 7.4 per cent.
Property values in Northern Ireland are recovering from a massive fall during the financial crisis, and remain 42 per cent below the peak of August 2007, the ONS figures show, Prices rose by 6.7 per cent in the South East of England, the ONS figures show, although here – as in the East and in seven other regions – the pace of price rises has slowed.
Analysts suggest the time of double-digit price rises in London is over.
“There is a ripple effect. The action has moved out from prime central London to the outskirts and those commuter areas where there is better value to be had,” said Jonathan Adams, director of central London estate agency Napier Watt.
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