House price rises slowdown in 2015

House prices in 2015 experienced a slowdown in growth, according to the latest Office of National Statistics figures.

House prices increased by 6.7% in 2015, a significant drop from 2014’s 9.8% rise.

England saw the biggest rise with 7.3%; Northern Ireland was next (1.5%), Wales (1%), with Scotland experiencing a -0.2% slowdown.

The annual increase in England was primarily due to increases in east of the country (9.7%), London (9.4%) and the South East (8.8%).

If house prices in London and the South East are excluded, the average price of housing in England increased by 4.6% last year.

The average price of mix-adjusted houses in December was £301,000 in England, £193,000 in Scotland, £175,000 in Wales and £148,000 in Northern Ireland.

The highest house prices could be found in London with an average of £536,000. The lowest average price was in the North East with £155,000.

Again if London and the South East were excluded, the average house price in England was £218,000.

The average price paid for houses by first-time buyers increased in the year to December 2015 by 6.9%, down from the 7.8% rise seen in the year to November 2015.

The price paid for new housing increased by an average of 6.7% during the year to December 2015, this was down from the year to November’s figure of 7.3%. The average price paid foe new builds in 2015 was £284,000. Previously owned houses averaged £288,000 over the same period.

Unsurprisingly, the ONS said that the continuing upward pressure on housing prices was due to the shortage of supply and the strong demand.

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