This article is an external press release originally published on the Landlord News website, which has now been migrated to the Just Landlords blog.
House prices grew by 5.7% in the year to June, standing at a UK average of £277,000.
House Prices Rising Further
The average price in England was £290,000, £169,000 in Wales, £154,000 in Northern Ireland and £192,000 in Scotland.
The highest price within England was in London, at £513,000. The lowest average price in England was found in the North East at £156,000.
Excluding the capital and the South East, the average UK house price was £211,000.
Although average UK house price inflation was 5.6% annually, there are great differences between countries. Inflation was 6.1% in England, 9% in Northern Ireland, but just 0.8% in Wales. House prices dropped by an average of 0.6% in Scotland.
The average first time buyer in the UK paid 5.1% more for their starter home this June than last year.
Chief Executive of Spicerhaart, Paul Smith, says: “In a drastic reversal of regional trends, it is not London driving national house price growth, but other areas such as the East of England and Northern Ireland, which have seen price increases of 9.2% and 9% respectively.
“This demonstrates that the supply shortage is now a far-reaching problem that needs to be tackled imminently.
“The new All-Party Parliamentary Group for Housing and Planning needs to drive national action from the centre and it needs to think innovatively to effect real change in the UK’s housing market, which may include decisions that aren’t universally popular.”1
1 http://www.propertyindustryeye.com/house-prices-on-the-up-but-london-no-longer-in-driving-seat/
