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.
Sign in or Register to continue reading this article
It's quick, easy and free!
It takes just 5 minutes to register. Answer a few simple questions and once completed you’ll have instant access.Register now
Why register to The Lawyer
In-depth, expert analysis into the stories behind the headlines from our leading team of journalists.
Identify the major players and business opportunities within a particular region through our series of free, special reports.
Receive your pick of The Lawyer's daily and weekly email newsletters, tailored by practice area, region and job function.
More relevant to you
To continue providing the best analysis, insight and news across the legal market we are collecting some information about who you are, what you do and where you work to improve The Lawyer and make it more relevant to you.
News from IBB Solicitors
Briefings from IBB Solicitors
The Jackson reforms were supposed to cut costs and, in principle, this process worked in Thomas Pink Ltd v Victoria’s Secret UK Ltd.
Victims of a blood scandal that saw some 30,000 people infected with Hepatitis C from contaminated blood transfusions in the 1970s and 1980s are set to sue the Government,