House prices surge almost £30,000 to record high

PA/AOL Money
Mortgage numbers at six-month low
Mortgage numbers at six-month low

House prices have reached a new record high of £272,000 on average after surging by 11.7% over the last year, according to an official report.

Several UK regions saw property prices reach fresh all-time highs in the month of July, with the East Midlands, the West Midlands and the South West now joining London, the East and the South East in having price levels higher than their pre-financial crisis peaks of 2007/08, the Office for National Statistics (ONS) said.

Could the UK Housing Bubble Harm the Recovery?
Could the UK Housing Bubble Harm the Recovery?

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Property values in London continue to rise faster than the rest of the country, recording a 19.1% year-on-year jump and taking the average property price in the capital to £514,000.

On a month-on-month basis, property values increased by 1.6% across the UK between June and July.

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