July 16, 2018

More Christmas cheer for homeowners as official figures reveal house prices have surged

HOMEOWNERS received more Christmas cheer as official figures revealed house prices have surged to record highs

Prices hit £287,000 across the UK and reached the £300,000 mark in England for the first time on average in October.

London and the south-east are reaping the best rewards from the bonanza.

Across the UK, typical property values climbed by £1,000 month on month, from a previous record of £286,000 in September, according to the Office for National Statistics (ONS).

UK property values were 7% higher than a year earlier, accelerating from annual growth of 6.1% in September.

In England, average house prices also edged up by £1,000 on the previous month – to stand at a new record high of £300,000.

House prices in England were 7.4% higher than a year earlier, with the growth being driven by the East and the South East, which saw property values increase by 10.4% and 9.5% respectively.

In London, the average house price is now £531,000, after increasing by 7.7% over the last year.

House prices in Wales, Scotland and Northern Ireland all sat below their all-time highs in October.

In Wales, property values edged up by 1% year on year to reach £174,000 on average.

The index for Wales is just 0.3% below the record level seen in January.

In Scotland, house prices increased by 0.9% annually to reach £196,000 typically. House prices in Scotland are around 5% below their record levels seen in March this year.

Northern Ireland has seen house prices leap by 10.3% over the last year, which is similar to the level of house price growth seen in the East of England.

But at £158,000 on average, house prices in Northern Ireland are still 41% below their all-time peak, reached in August 2007.

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