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Average UK house price soars to record £287000 in October
Posted On Dec 15 2015
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The increase in the annual rate of price growth was partly driven by the East of England, where prices grew by 10.4%.
Scotland and Wales saw much lower rises of 0.9% and 1% respectively, taking prices to £196,000 and £174,000.
That means that the average United Kingdom home now costs £287,000.
Across the United Kingdom, average house prices increased by 0.8% between September and October 2015, the report found.
House prices soared 7% in the past year as the average price of a house in England rose to £300,000, ONS figures reveal. House prices in Scotland are around fiver per cent below their record levels seen in March this year.
Owner-occupier prices increased by 7.4 per cent for the same period according to the ONS.
But at £158,000 on average, house prices in Northern Ireland are still 41% below their all-time peak, reached in August 2007.
The ONS added that nationwide house price rises could be explained by a shortage of homes for sale, at a time when demand is rising – the latest data from the Royal Institution of Chartered Surveyors indicated that the supply of new sales instructions coming to the market decreased for the ninth month in succession.
United Kingdom house price inflation accelerated for the third straight month in October to the highest level in seven months, figures from the Office for National Statistics showed Tuesday.
Northern Ireland has seen house prices leap by 10.3% over the a year ago, which is similar to the level of house price growth seen in the East of England.
Britain’s largest mortgage lender said in its 2016 forecast that house prices are set to increase by between 4% and 6%, with growth expected to slow more sharply in London than elsewhere. The Government must look to a strong supply-side programme by building more homes across the country.
“Government initiatives have helped almost 270,000 people to buy since 2010, and we are delivering 200,000 new starter homes, which will be available at a 20% discount to first-time buyers”.
