The Office for National Statistics has this week revealed that the average house price in the UK has now reached £288,000, breaking the previous record. The average price across England now stands at £302,000. This figure is somewhat confirmed by Rightmove who reported this week that the average price of new properties to the market is £290,963.
The ONS also report that in November annual house price inflation was 8.3% in England, 0.4% in Scotland, 4.6% in Northern Ireland and 1.3% in Wales. The biggest regional rise was the east of England at 10.2% followed closely by the south-east and London at 9.8%Head of lending at Mortgage Advice Bureau, Brian Murphy said “House prices in November saw the biggest annual increase in eight months, despite traditionally being a quieter time in the housing market.
“Those lucky enough to already be on the property ladder are the clear winners of this boom, as home owners trading up to the next rung take advantage of improving property values. Increased equity means even those not looking to sell can benefit by switching to a more affordable mortgage deal.
“The heat is set to rise in the buy-to-let and second home market in the short-term, as buyers rush to complete before the changes to Stamp Duty kick in in April.
“In the long term, the dearth of properties available combined with rampant demand means house price growth isn’t likely to slow any time soon.
“This creates clear affordability concerns for first-time buyers.”