13 Apr

Average house prices on the rise

Average house prices on the rise

Average house prices in the UK rose by 5.8 per cent in the last 12 months, according to official figures.

Data from the Office of National Statistics shows the average value of a home in the UK now costs £217,502.

In particular, the East of England showed the highest annual growth, with prices in the region increasing by 10.3 per cent, followed by East Midlands at 7.5 per cent and the West Midlands at seven per cent. In contrast, the lowest annual growth was recorded in the North East, with a 2.2 per cent increase over the 12-month period.

Doug Crawford, chief executive officer of My Home Move, believes the market is well-placed for the coming year.

“There is a bit of regional variation at play, with the areas that have seen substantial house price growth in recent years cooling off, notably London and the South East. Arguably this is needed to counteract some of the rapid growth over recent years,” said Mr Crawford.

He added: “The fact is that the fundamentals are in place for a solid year for the housing market, with robust levels of demand significantly outstripping supply. The biggest obstacle for a happy housing market remains the access to the first step of the housing ladder for first time buyers, even in areas where the market is cooler.”

The rises mean London continues to have the highest average house price at £475,000, while the lowest is in the North East at £124,000.ADNFCR-1222-ID-801834710-ADNFCR

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