27 Mar

Property prices rise by 6.8%

Property prices rise by 6.8%

Property prices in the UK have risen by 6.8 per cent over the past year, according to new data.

The latest figures from the Office of National Statistics show that UK prices increased by 6.8 per cent in January, compared to the previous year. This means the average cost of a home in the UK is now £254,000.

All parts of the UK reported a rise in prices, with a 7.1 per cent increase in England, 6.9 per cent in Wales and 2.7 per cent in Northern Ireland.

The strongest rises in England were again in London with an increase of 13.2 per cent.

Activity by first-time buyers also improved during the month, with them paying 7.6 per cent more to step on to the property.

Peter Rollings, chief executive officer of Marsh & Parsons, explained prices could now increase further following changes in the pension rules.

He said: "With pensioners now freed from the shackles of annuity, the buy to let market could become a holy grail for retirement, offering unrivalled tax efficient investment."ADNFCR-1222-ID-801707473-ADNFCR

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