The recent government released Housing White Paper fortified the truth that supply deficiencies have been the real influencing factor of rising house prices.
The Land Registry the ONS have been doing the math and have uncovered that house prices in the UK grew by 7.2% in the year to December 2016, a 6.1% increase in the year to November 2016.
Key Findings (in the year to December 2016)
- Average UK house price in December 2016 was £220,000 – £15,000 higher than in December 2015 and £3,000 higher than the previous month.
- In the UK house prices rose the highest in England by 7.7% over the year to December 2016 (Average price in England being £236,000.
- Wales saw a 4.7% increase (average price at £148,000) and Scotland saw an price increase of 3.5% (average price at £142,000) over the last 12 months
- The East of England had the highest annual growth of 11.3%
- The second highest was the South East at 8.3%
- The third highest was London at 7.5%