June 15, 2016
New house price index reveals familiar story
UK house prices climbed 8.2% in the year to April, bringing the average price to £209,000, according to figures marking the first time the ONS and the Land Registry have pooled their data to produce what they say is a more accurate picture of the UK housing market. The index includes both cash sales and the sale of new homes, which were not accounted for previously. Pricing growth was slightly lower than in the previous month, when it hit 8.5%, with the number of homes changing hands in April also lower than March. The figures showed that during April, the most expensive borough in which to live was Kensington and Chelsea, where the cost of an average house was £1.3m, whereas the cheapest area was Burnley, where the average house cost £73,000. On a regional basis, London continues to have the highest average house price at £470,000, followed by the South East and the East of England. The lowest average price continues to be in the North East, at £122,000, where house prices rose by just 0.1% over the year.