December 17, 2015
UK House Prices
UK house prices rising at 7% a year
The ONS says UK house prices continued to grow strongly in October, with the average cost of a home up 0.8%, meaning the average property is now priced at £287,000. The average cost of a home in England met the £300,000 mark for the first time, while Scotland reached £196,00, Wales £174,000 and Northern Ireland £158,000. The value of homes in the east of England has climbed 10.4% in a year, while those in the south east have risen by 9.5%. The annual house price inflation rate rose to 7% from 6.1% in September. The ONS said: “Upwards pressure on house prices may be a result of a shortage of supply and a strengthening of demand in the housing market, a view supported by a number of house market indicators.” The ONS figure of a 7% increase follows Nationwide’s declaration that prices rose by 3.7% in the year to November and Halifax’s estimate of a 9% increase. The Land Registry says prices in England and Wales climbed 5.6% in the year to October.