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House Price Figures - September 2016
Posted on Nov 15, 2016

House Price Figures - September 2016

 

Today's release of provisional House Price Index Data from the Office for National Statistics and based on Land Registry data brings few surprises.

Property prices in the UK have risen by 7.7% in the year to September 2016 with a monthly uptick of 0.2%.

House Price Inflation to September 2016

 

This means the average house in the UK is worth around £16,000 more than in September 2015.

House prices rose the most in England - at 8.3% for the year, while in Wales prices rose by 4.4% and in Scotland by just 3.4%. 

This takes the average UK house price to almost £218K. If you live in England, the overall average jumps to £234K.

For those looking for property in the  South East, £313K is now the average ticket price and for Londoners, you'll be forking out north of £488K to bag something above average!

London prices show an annual increase of 10.9%, so if you are living in the average London property and earning what the ONS tells us is the average London wage (£34,892), your property is earning considerably more than you.

At a time of historically low interest rates and low inflation, these kind of returns will continue to attract investment - both private and institutional - to property. 

However, while the investor and the multiple home owner will be doing very nicely, thank you, many of those still trying to get on the ladder can see the bottom rung getting further out of reach as house price inflation continues to outpace wage inflation. 

Tinkering with mortgage availability and various help schemes for first time buyers doesn't fix the fundamental problem - we need to build more houses... and fast!

 

 

 

 

 


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