UK house prices ‘rising strongly’

December 15, 2015 10:17 am Published by

UK house prices rising at 7% a year, says ONS

  • 15 December 2015
  • From the section Business

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UK house prices continued to grow strongly in October, the Office for National Statistics (ONS) has said.

The cost of the average UK home rose by 0.8% in October, the ONS said, with the annual house price inflation rate rising to 7% from 6.1% in September.

That means that the average UK home now costs £287,000.

House prices have been growing particularly fast in eastern England, where they rose 10.4% in the past year, and by 9.5% in south east England.

The ONS noted that the annual rate of price growth across the whole of the UK had now risen for three months in a row.

“Upwards pressure on house prices may be a result of a shortage of supply and a strengthening of demand in the housing market, a view supported by a number of house market indicators,” the ONS said.

“There continues to be weak supply in the market, with the Bank of England’s Agents’ Summary Conditions for October reporting a shortage of properties available for sale.”

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