13 Sep

House prices up by 8.3%

House prices up by 8.3%

House prices in the UK have continued to rise over the past year, according to the latest figures from the Office of National Statistics.

In the 12 months to July 2016, there was an 8.3 per cent increase in house prices – signally the ongoing growth in the market.

The increase means the average UK house price is now £217,000, compared to £200,000 in July 2015 and £216,000 in June this year.

In particular, house prices in England have shown strong growth with a 9.1 per cent increase, while Wales has seen a four per cent increase and 3.4 per cent in Scotland.

London remains the area of the country with the highest average house price at £485,000, followed by the South East and the East of England.

So far, there appears to be little impact of the vote to leave the European Union, with prices remaining relatively upbeat.

“The data from the ONS shows a moderation in house price growth from 9.7 per cent in the year to June to 8.3 per cent in the year to July. But house prices still edged up by 0.4 per cent between June and July. This suggests that market demand remained relatively resilient after the Brexit vote,” said Thomas Fisher, economist at PwC.

However, he added a fuller picture since the referendum result will take time to develop as many of the property purchases were already in motion before the vote.ADNFCR-1222-ID-801825089-ADNFCR

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