It comes from Regulated Mortgage Survey data, so it doesn’t cover houses bought with cash. London’s impact on the market might not be fully captured here.
But the point stands — the variation. Indeed, without London, UK prices only rose 1.3 per cent on an annual basis in July, or 0.8 per cent, excluding the South-East too.
And in real terms that’s not much at all (update: see MJT in comments…)