Average UK House Price Rises 5.8% in the year to February
Average UK House Price Rises 5.8% in the year to February. Therefore, putting the average value of a home now at £217,502 latest official figures show. This was up from 5.3% in the year to January 2017 but still remain below the average annual house price growth seen in 2016 of 7.3%, according to the data published by the Office of National Statistics. Which is positive news contrasting, with recent figures from the Nationwide and the Halifax which have suggested that house price growth is slowing down. A breakdown of the figures show that prices in England increased by 5.8%, in Wales by 1.8%, in Scotland by 3.1% and in Northern Ireland by 5.7%.
Average House Prices
London recorded the highest average price at £475,000. Followed by the South East and the East of England at £312,000 and £282,000 respectively. The average value in England to £234,466, in Wales to £145,293, In Scotland to £139,000 There are some variations of price movements in the different regions, notably in London, where prices have grown faster in recent years than other areas, and are now seeing this momentum slow. Arguably this is needed to cool and balance the rapid growth seen in the Capital over recent years. On the whole, the market remains stable, with the fundamentals in position for a steady year for the UK’s housing market. Demand is robust, and is significantly outstripping the housing supply. Preictions are that the housing shortage, coupled with record low interest rates are sustaining the market pricing. Furthermore, experts anticipate that we will continue to see prices rise. Furthermore, over the same period, the Council of Mortgage Lenders (CML) reported very strong borrowing in January and February. The Council for Mortgage Lenders said that borrowing in January and February of this year, was the strongest for 10 years. In January and February, a total of 93,200 loans were taken out.; representing the highest number since the financial crisis. Click Here to view our latest Property Opportunities