UK house prices increase by 7.7% in November

November saw house prices in the UK increase by 7.7% according to figures from the Office of National Statistics.

This is up on the year to October 2015 figure of 7.0%, and was the fastest rate of annual growth since March 2015 and also the fourth consecutive increase in the annual growth rate.

The ONS said the increase in house prices is continuing to be fuelled by the shortage in housing, coupled with increased demand.

England saw the biggest increase of 8.3%, followed by Northern Ireland (4.6%), Wales (1.3%) and Scotland (0.4%).

The areas of England which saw the sharpest increase were the East (10.2%), the South East (9.8%) and London (9.8%).

With London and the South East excluded, England saw house prices rise by 5.8% in the year to November 2015.

There was more bad news for first time buyers as the ONS said that they were paying an average of 7.7% more than in November 2014.

The average mix-adjusted house price was £288,000. In England the figure was £302,000; £195,000 in Scotland; £173,000 in Wales and £158,000 in Northern Ireland. With London and the South East excluded, the average price for a mix-adjusted house was £219,000.

The price for new builds in the year to November 2015 increased by an average of 14.0%, down 0.8 on the previous month’s figures. This put the average cost of a new dwelling in the UK at £294,000.

The average cost of pre-owned housing increased by 7.2% over the same period, with the average cost in the UK coming in at £288,000.

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