Value of homes in London up 14.5%
The value of property in Newington Green, Highbury, Hackney and other parts of London rose 14.5% in the 12 months to April, according to the new UK House Price Index.
But the sale of homes in the whole of the UK slumped 45.2% in April compared with March following the introduction of a 3% stamp duty surcharge on second homes.
However, from February to April the number of sales was still 8.3% higher than between November and January.
The new monthly index is made up of figures collated by the Office for National Statistics from data supplied by Land Registry, Register of Scotland, Land and Property Services, Northern Ireland and the Valuation Office Agency.
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It reveals UK prices climbed 8.2% in the year to April, taking the average property value to £209,054 after a 0.6% monthly rise.
Terraced homes showed the largest annual increase in value, climbing 10% to reach an average price of £183,666.
Semi-detached homes climbed 9.7% to £209,075, while the price of flats and maisonettes rose 9.3% to reach £210,281.
Detached homes climbed 7.3% to a new average price of £332,968.
In England, prices rose by 9.1% after a 0.7% rise from March. The value of homes in London saw the sharpest annual rise (14.5%), where the average price of a home is now £470,025.
However, the most recent Land Registry data, which covers March, puts the average cost of a home in the capital at £534,785, while the most recent ONS figures, also for March, put the figure at £552,000.
The ONS says the difference is mainly down to a different formula used to calculate prices, which means values are less likely to be skewed upwards by high-value properties. The new index “is not as sensitive to extreme valued property”, according to the ONS.
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