Official: UK house prices up 3.4% in year to June
The average price of a property in the UK rose to £237,834 in June, according to the Office for National Statistics – up 3.4% compared to last June, and 2.7% higher than in May 2020.
The UK House Price Index revealed that property price growth was strongest in England, where prices increased by 3.5% over the year to June 2020.
Northern Ireland saw house prices increase by 3.0%, Scotland by 2.9% and Wales by 2.8%.
The highest annual growth within the English regions was in the East Midlands where average house prices grew by 4.5%. The lowest annual growth was in the North East, where prices increased by 1.7% over the year to June 2020.
Jonathan Hopper, CEO of Garrington Property Finders, said: “Even though English estate agents only reopened their doors halfway through May and their Scottish counterparts didn’t follow suit until the very end of the month, in June the market made up for lost time – and then some.
“The scale of the acceleration can’t be overstated. In the space of just a month, the annual rate of price growth tripled.
“Not even during the frothiest days of the pre-Financial Crisis boom did prices jump so far, so quickly.
“Clearly the acceleration was amplified by the sluggish pace seen during lockdown. But the spike in both buyer interest and transactions since the market rebooted is having a decisive effect on prices.”
Managing director of Barrows and Forrester, James Forrester, added: “The proof is very much in the pudding where the state of the UK housing market is concerned and these latest figures will be leaving a very sweet taste in the mouth of homeowners across the nation.
“To see positive movement both monthly and on an annual basis across all regions of the UK can be hard to come by in regular market conditions, so given the wider context of the current landscape, we find ourselves in an extremely good position at present.”