ONS reveal UK house prices up by 6.1%

Official figures from the Office of National Statistics (ONS) show that house prices in the UK have risen by 6.1%.

September’s House Price Index revealed that UK house prices in the year to September have increased by 6.1%, up from 5.5% in August.

England saw house prices rise by 6.4%, with Wales and Scotland both seeing rises of 1.1%. Northern Ireland saw the sharpest increase of 10.2%.

The annual house price rises in England were driven by increases of 8.4% in the East and 7.4% in the South East.

If London and the South East were excluded from the figures, UK house prices would have increased in the 12 months to September by 5.0%.

The report also revealed that the average UK mixed-adjusted house price in September 2015 was £286,000. Again, if London and the South East are left out, the average UK price would be £218,000.

The average price in England was £299,000, £199,000 in Scotland, £175,000 in Wales and £162,000 in Northern Ireland.

The highest average house prices could again be found in London at £531,000. The lowest average house cost could be found in the North East at £158,000.

First time buyers getting on the property ladder on average paid £216,000, an increase of 4.3% over the year to September but down on August’s figure of 4.5%.

The ONS cited lack of housing as a contributing factor in the continued growth of housing prices. The construction of new housing was down by 3.9% in the year to September. It suggested that a lack of new homes is also preventing people putting their homes on the market because of a fear of suitable homes to move to.

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