Towns near London witnessed a sharp increase in house prices, according to data from the Land Registry, a
non-ministerial department of the UK Government that registers the ownership of land and property in England
and Wales.
The increase in prices has been up to 19% in commuter towns such as Slough, Luton and Reading.
While Slough in Berkshire saw the highest annual increase of 19%, with houses being priced typically at about
236,000 (298,915, $338,463) in February, Luton in Bedfordshire saw a jump of 17% with property prices
averaging 169,000, while Reading, also in Berkshire, saw an increase of 14.6%, with an average property price
of 270,000.
The data proves that those interested in buying a house in London but cannot afford it are showing interest in
towns which are within commuting distance from the country’s capital. The Essex borough of Thurrock is one
such place where Londoners are said to be considering purchasing homes as they are more affordable than in
London, while at the same time being close to the city.
The towns in Thurrock include Grays, Tilbury and Purfleet. These are said to have seen an annual price growth of
17.2% in February, with 194,000 being the average house price. These are far lesser than the price of a house
in the capital, where it is averaging 530,368.
David Brown, chief executive of Marsh & Parsons, the London estate agency said: “An overall monthly dip in
property prices in February disguises the fact that the majority of regions are experiencing striking growth. In the
capital, annual growth has climbed to comfortably double the wider England and Wales average,” according to
The Guardian.
The Land Registry data also revealed that house prices in England at Wales averaged 190,275 in February,
marking a 6.1% increase from a year earlier. Pointing out that wages across England and Wales had increased
by just 1.6% in the past year, housing charity, Shelter, warned “these sky-high house prices mean the dream of a
place to call home is fast becoming nothing more than a fantasy”.
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