The latest report from the UK house Price Index has revealed that average house prices in the UK have increased by 7.7% in the year to September 2016, the same as the previous month.
Other Key Findings
- According to the report, average UK house prices were sitting at £218,000 in September 2016 – a £16,000 higher than in September 2015.
- London continues to be the region with the highest average house price at £488,000. The capital saw a 1.4% month-on-month growth in its house prices – the fastest rate of any region.
- In Croydon house prices have risen from £320,175 to £373,339 year-on-year (16.6%), particularly bad news for those in the area attempting to take their first step on to the property ladder.
- Elsewhere in the capital the picture the average house prices in London have risen 11% year-on-year.
The latest data from ONS reinforces what other recent indices have continued to show; that the dust seems to have settled after the referendum result. Rather than seeing any significant fall in overall property values, the ongoing strong growth in house prices can be attributed to the favourable combination of strong buyer confidence, record low borrowing costs and interests rates, along with a continued supply shortage.