UK house prices rising at 7% a year, says ONS
15 December 2015
- From the section Business
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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This post was written by FSB News