UK house prices rise by 5.8%

by Gary Whittaker

The Office of National Statistics (ONS) has released its latest UK House Price Index for February 2017. The data - which includes all residential properties purchased for market value in the UK - shows that prices rose in the year leading up to February, but are not increasing as quickly as they did in 2017.

Overall, house prices rose by 5.8 per cent throughout this 12-month period. This is an increase when compared to the previous few months, as prices grew by 5.3 per cent in January and just 5.2 per cent in December, which was the slowest pace since August 2015.

However, house prices are still not increasing at the rate they were in 2016. The average rate of growth last year was 7.3 per cent, buoyed by a spike in June that saw house prices rise by a huge 9.4 per cent.

All this means that the average price of a house in the UK is now £217,502. This is an increase of £12,000 over the last year, and a rise of £2,000 since January. However, these figures change significantly when separated by country.

While the price of a house in England rose from £233,000 to 234,000 in the last month, Scotland and Wales both saw house prices fall. Welsh prices dropped by £2,000 - to £145,000 - and in Scotland they fell by £1,000, to £139,000. The cost of a house in Northern Ireland remained the same, at £125,000.

Unsurprisingly, London is still the most expensive place in which to buy a house, with the average dwelling costing £475,000; more than double the average for the UK. However, it was not the fastest growing region in February. That accolade belongs to the east of England, where house prices grew by 10.3 per cent.

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12-April-17General Lettings News