Categories:Real Estate,UK

House prices increase by eight per cent

According to new figures from the Office for National Statistics (ONS), house prices rose by eight per cent in the year to March as property values continue to increase ‘strongly across most parts of the UK’. On a seasonally adjusted basis, house prices fell by 0.5 per cent between February and March, with house price inflation reaching 8.5 per cent in England, 4.9 per cent in Wales, 0.8 per cent in Scotland and 0.3 per cent in Northern Ireland. The ONS said that annual house price rises in England are being driven by a 17 per cent year-on-year increase in London, a 6.6 per cent rise in the east and a 6.1 per cent uplift in the south east. The average house price in London has reached £459,000. Nationally, the average house is now worth £263,000 in England, well above Wales (£164,000), Scotland (£181,000) and Northern Ireland (£132,000). The ONS said that first-time buyers now face having to pay 10 per cent more than they did a year ago to get a foot on to the property ladder, with the average price of a starter home standing at £193,000 in March.

A separate report published by Rightmove has revealed that average house asking prices have risen 3.6 per cent since April. The figure now stands at £272,003. The average asking price for a property in London was the main contributor, having been found to have risen by £80,000 since January, a 16.3 per cent year-on-year increase. Rightmove cited a consistently high level of first-time buyers and a late Easter period as potential reasons for the increase…

Click on the link below to read the rest of the IBB Solicitors briefing.

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