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UK house prices up 6.1%

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Every UK region saw rising property values in the year to September, according to the Office for National Statistics
UK house prices up 6.1%

House prices in the UK rose by 6.1% in the year to September, according to the latest figures out from the Office of National Statistics today. This marks an increase from the annual rate of 5.5% in August.

House price annual inflation was 6.4% in England, 1.1% in Wales, 1.1% in Scotland  and 10.2% in Northern Ireland.

All of the nine English regions have seen a rise in property values over the last year, although the rate of growth was varied. The largest annual increase was in the East at 8.4% followed by the South East (7.4% increase). The North East had the lowest annual growth of the regions, with prices increasing 1.8% in the year to September 2015.

London prices increased by 7.2% over the year to September 2015.

First-time buyers priced out?

In September 2015, prices paid by first-time buyers were 4.3% higher on average than in September 2014, making it even more difficult for potential purchasers to get a foothold on the property ladder.

Myles Williams, chief executive at Fast Property Finance, said: “The fact that the average price paid by first-time buyers is now £216,000 goes to show the challenge facing anyone trying to get onto the property ladder.
“With demand strong and supply so weak, average prices can only go one way. Until there is a concerted and long-term strategy in place for improving supply, prices will rise and rise. Sadly, there doesn’t appear to be one.”

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