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.