House Prices Surging

House prices surging by 8% per annum

April 4th, 2016

Inflation in the shops might be languishing near zero but UK property prices surged by an annual rate of nearly 8 per cent in January, official figures showed today.

As Office for National Statistics data showed consumer prices rising by just 0.3 per cent in February, their house price data showed the average UK house price had jumped by 7.9 per cent since January 2015 to reach a new record high of £292,000.

Average property values stood at a record high of £306,000 in England, while in London, the average price of a home now stands at £551,000, after leaping by 10.8 per cent year-on-year.

But that was rate was exceed in the South East outside London, where the average is now £374,000 after an annual growth rate of 11.7 per cent.