London has experienced the greatest increase in property values over the past 12 months, with prices up an average of 10.9%.
New data from the Land Registry also shows the average value of a home in England and Wales grew 0.9% between March and April to reach £179,817 – just £1197 below their 2007 peak of £181,014.
And the 5.1% annual rise is expected to accelerate as the property market heads into the traditionally frantic months of July and August.
Some property experts are now saying that annual house price inflation could hit 6% in 2015, and higher in prime areas of London such as Wimbledon Village.
They point out that the Land Registry’s data covers a period that saw an overall fall in housing market activity between November 2014 and February 2015.
It is also worth noting that property market activity in prime areas of London was affected by uncertainty created by the run up to last month’s general election.
Owners of high value properties were discouraged from putting them on the market due to the Labour Party’s threat of imposing a mansion tax on homes worth £2m or more.
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