UK house price growth hits its highest since March – and that’s before buy-to-let investors began the rush
UK house prices grew seven per cent in the year to October, their highest growth since March.
The average house price rose to £287,000, up from £286,000 in September, the Office for National Statistics said, as the prospect for low interest rates continued to fuel the market.
The largest increase was experienced in the East of England, where prices rose 10.4 per cent, with growth of 9.5 per cent in the South East. Stripping out those regions, UK house prices grew 5.6 per cent.
Meanwhile, first-time buyers continued to suffer, with the average amount paid rising 5.9 per cent in the year to October.
“Today’s data shows no abatement in the upward trajectory of house prices in the UK which, as we’ve heard many times in 2015, is driven by a disjoint between demand – which is very high – and the comparatively low supply of homes," said Nick Leeming, chairman of estate agent Jackson-Stops & Staff.
"The key to avoiding this is to increase supply at the very first tier of the market, to enable more prospective first-time buyers to take that initial step. Subsequently a healthy supply of home at all levels can allow upward movement on the property ladder."
