Comment: at 8.1% London’s house price growth is lowest in the UK – but these are not quite unprecedented times

If house prices grow by 8.1 percent, you know the housing market is in turmoil. This is especially true when it comes to just under 40,000. In just one year. We live in extreme times. London’s house prices have increased by 8.1 percent in the last 20 years. This would have made the region the top performer in 43% of the months. According to JLL, the last time a region was at the bottom of this table was November 2004. The market was booming from 2002 to 2003, with prices rising by at least 21.2 percent across all regions. This was due to historically low interest rates (5.7%), and falling unemployment (5.2%). These rates are much lower today, but the market boomed in 2002 and 2003 with a significant increase in house prices across all regions. It’s easy to see how many of the desperate first-time homebuyers of 20 years ago are now the happy homeowners cashing in.