ONS: House prices up 5.7%

UK house prices have increased 5.7% to £277,000 in over the past 12 months, figures from the Office for National Statistics have found.

Northern Ireland experienced the largest growth over the past 12 months, at 9%, followed by England at 6.1% and Wales at 0.8%. However Scotland saw its prices fall by 0.6% in the 12 months to June.

But despite the rise warnings continue about the lack of housing stock in the UK.

Guy Meacock, head of the London office of buying agency Prime Purchase, said: “There still isn’t enough housing stock, and there continues to be an imbalance between supply and demand.

“London continues to lead the way as far as house price growth is concerned although the period of stratospheric growth, which was always going to be unsustainable, has passed.

“We are seeing more international buyers than we did earlier in the year – expats here on holiday visiting family, for example – who are taking the opportunity to get in front of sellers and see what is available.

“Estate agents have had a very difficult start to the year but the market is building momentum and it could be a busier Autumn.

“There has been a catalogue of issues affecting the housing market – the Autumn statement last December with the shock stamp duty overhaul, then the election and the threat of a mansion tax, and we have felt that the market is unlikely to completely wash through and absorb all that has happened until the Autumn at the earliest.”

 

Add a Comment

Your email address will not be published. Required fields are marked *