UK house prices jumped 2% in July

UK Office for National Statistics (ONS) reveals house prices in the country jumped 2 percent in July alone.

The biggest surge was seen in the east and south-east of England, ONS reported.

According to ONS, “the average house price rose by more than £1,000 a week, leaping from £277,000 to £282,000, a new all-time high and 16.7% above the pre-financial crisis peak in 2007.”

The figures are consistent with recent data from Halifax showing a 2.7 percent surge in prices in August.

The new shadow housing minister in Jeremy Corbyn’s cabinet, John Healey, said:“Housing is now a national crisis, so delighted housing now has full status in shadow cabinet and to take on job.”

On the other hand, Labour’s new London mayoral candidate Sadiq Khan has put housing at the top of his agenda.

Media reports say, price pressure is currently worst in the east of England. But the figures highlight a deep north-south divide, with the north-east of England registering its first year-on-year price fall since 2013. The average home in the region fell in price by 0.7% over the past 12 months.

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