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House prices increase strongly across most of UK

From Property Talk Live on June 23, 2014

UK house prices increased by 9.9% in the year to April 2014, up from 8.0% in the year to March 2014 according to the most recent data from the Office for National Statistics (ONS).

House price annual inflation was 10.4% in England, 3.3% in Wales, 4.8% in Scotland and 2.6% in Northern Ireland.

House prices are increasing strongly across most parts of the UK, with prices in London again showing the highest growth.

Annual house price increases in England were driven by rises in London (18.7%), the South East (8.9%) and the East (8.5%).

Excluding London and the South East, UK house prices increased by 6.3% in the 12 months to April 2014.

On a seasonally adjusted basis, average house prices increased by 2.0% between March and April 2014.

In April 2014, prices paid by first-time buyers were 10.7% higher on average than in April 2013. For owner-occupiers (existing owners), prices increased by 9.5% for the same period.

Housing Minister Kris Hopkins said:

“Mortgage lending and loan-to-value ratios on new lending remain below historic averages – in fact, relative to earnings, median house prices across England are around the same level as in 2005.

“But we’re determined to get Britain building and help people who work hard and want to get on the property ladder to do so, which is why we’ve introduced Help to Buy    , which helps people buy a home with a fraction of the deposit they would normally require. Over the past year over 27,000 people have become homeowners through this scheme – about 4% of all mortgage completions.

“Leading developers are building more as a direct result of the scheme, with housebuilding now at its highest level since 2007 – but we want to go further. That’s why we’re introducing new measures that will help unlock development on enough unused, previously developed brownfield land for up to 200,000 permissions for new homes by 2020.”

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Source: Property Talk Live