17 Apr

House prices on the up

House prices on the up

House prices in the UK have increased by 9.1 per cent over the past year, according to new data.

Figures from the Office for National Statistics (ONS) revealed that property prices in England rose by 9.7 per cent, 5.3 per cent in Wales, 2.8 per cent in Northern Ireland and 2.4 per cent in Scotland.

Many areas of the UK saw strong rises but London continued to show the strongest growth in value of 17.7 per cent.

Peter Rollings, chief executive officer at Marsh & Parsons, explained prices in the capital are being driven by both international and domestic demand as people look to make good investments.

He added: "Prime London property in particular is still seen as an unshakeable pillar of investment and until other forms of investments become more attractive, London property will continue to be viewed as a global reserve currency."

It is also expected that more sellers will opt to put their properties on the market over the coming months, which could help to ease pressure amongst buyers and stabilise price rises.ADNFCR-1222-ID-801713585-ADNFCR

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