UK House prices grow at 6.1% Annual Rate

Published

Official figures have measured new record highs for average house prices in the UK, with growth of 6.1% over the past year. The Office for National Statistics (ONS) measured a jump of £1,000 in the typical cost of a property between August and September. It left the average price at a new peak of £286,000.

The rises were again driven by England – where average costs are just below £300,000.

Values in Scotland, Wales and Northern Ireland remain below the levels seen before the financial crisis.

The ONS said starter home costs were rising at a slower rate on average than those across the wider market – with a first-time buyer paying 4.3% more than they did a year ago at £216,000. London’s rapid rate of price growth continued to ease down, rising by 7.2% over the 12 months to a new record high of £531,000.

Property prices in Northern Ireland, which remain almost 40% below their pre-crisis high, achieved the fastest rate of annual growth at 10.2%.

The official figures lag behind other house price reports, conducted by the likes of Nationwide and the Royal Institution of Chartered Surveyors. They have pointed to demand continuing to far outstrip supply as the market enters its traditional slowdown ahead of Christmas.

Henry Gregg, assistant director of campaigns at the National Housing Federation, said: “There simply aren’t enough homes being built and with demand rising, prices are being pushed further out of reach of aspiring home owners.”

 

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