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Official: House prices still rising

Christina Hoghton
Written By:
Christina Hoghton
Posted:
Updated:
18/11/2016

The government’s own figures show UK property prices have risen by 7% in the last year

Average house prices in the UK have increased by 7.7% in the year to September 2016, unchanged from 7.7% in the year to August 2016, according to the Office for National Statistics.

This demonstrates a continuation of the strong growth seen since the end of 2013, despite worries over Brexit.

The main contribution to the increase in UK house prices came from England, where house prices increased by 8.3% over the year to September 2016, with the average price in England now £234,000.

Wales saw house prices increase by 4.4% over the last 12 months to stand at £146,000. In Scotland, the average price increased by 3.4% over the year to stand at £143,000. The average price in Northern Ireland increased by 5.4% over the year and currently stands at £124,000.

On a regional basis, London continues to be the region with the highest average house price at £488,000, followed by the South East and the East of England, which stand at £313,000 and £277,000 respectively. The lowest average price continues to be in the North East at £125,000.

The East of England showed the highest annual growth, with prices increasing by 12.1% in the year to September 2016. The lowest annual growth was in the North East, where prices increased by 1.5% over the year.

Ben Madden, managing director of London estate agents Thorgills, said: “Despite dire predictions in the aftermath of Brexit, UK property prices continue their ponderous march upwards.

“Against a mostly unremarkable showing from property price growth nationwide, London has shown remarkable fortitude in outperforming all other regions of the UK.”


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