UK house prices climbing 7% year-on-year

UK house prices climbing 7% year-on-year

17th Dec, 2015

With house prices rising faster than the price of renting, more people across the UK are choosing to rent. The Office for National Statistics (ONS) data shows that house prices have climbed by seven per cent in the space of 12 months to the end of October 2015. This was a marked rise in comparisons to the end of September which stood at a 6.1% rise.

For the year to October, Northern Ireland had the highest rise with prices climbing by a huge 10.3% over the 12 months. Scotland saw the lowest rise with 0.9% whilst Wales saw prices of 1% and England 7.3%.

The rise in prices means that the UK average house price in England stands at £300,000, Wales at £174,000, Scotland at £196,000 and Northern Ireland at £158,000.

As house prices have continued to rise throughout the year, those looking for a slightly better deal may look towards the rental market. Rental prices in the year to the end of November have climbed by around 2.9%. The market has seen steady growth, suggesting long term stability, unlike the fast growth in the ownership sector.

Rishi Passi, Chief Executive Officer of Oblix Capital, believes that prices are set to continue growing in the year ahead. 

"As the economy stabilises, driven by improving job prospects, rising wages and recurring delays in interest rate rises, for the meantime at least, it’s likely this surge in house sales and price inflation will continue," he said. 

 

Article source: www.rman.co.uk

Image source: www.pixabay.com

View all posts by Laura Simpson


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