The Latest House Price Index
The Office for National Statistics have once again shown an increase in property prices over the past year.
In the year leading up to March, property prices have increased by 10.2%. This makes the average price of a U.K home the highest it has ever been at £256,000.
There figures have shown the largest growth in house prices since August 2007. Between March 2020 and March 2021 the average house price has gone up by a staggering £24,000.
Cloe Atkinson, managing director at Mortgage Engine, has attributed this growth to the success of many government efforts to keep the housing market afloat during the pandemic. The housing industry also adapted to a new, more digital way of working. This kept the housing market stable while others crumbled.
House price rises are not uniform throughout the U.K. While London still has the highest average price to purchase a property, there price rise wasn’t as significant as other areas. It was the North-East and Yorkshire and Humber which saw the highest price growth. Homes in these areas saw 14% price increase.