The latest data released by Halifax has shown that 2015 saw the fastest annual increase in property price in nine years, with the value of the average home increasing by 9.5%.
The area which saw the largest individual increase was Newham, East London, which rose by a meteoric 22%, 10% higher than the 12% London average.
In December alone, prices increased by 1.7%, bringing the average costs of a UK home up to £208,286.
Analysts believe that the increase in prices is due to an ongoing shortage of property coming to market, with supply outstripping demand across the UK. As more and more people battle for fewer properties, prices are forced up - pricing many people out of the market altogether.
The Government announced plans in November to build 400,000 new properties’ across the country by 2020, in a bid to take steps to ease the steadily ongoing rise in purchase prices.
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