UK house price growth increased up to 7.2% in December, the highest official growth rate since August 2016.
The latest figures, released by the Office of National Statistics showed that the average house price in the UK rose to just under £220,000 in December, a hike of 1.1% from the month before.
Although this was a weaker growth rate than we saw in November, it was still higher than at the same time in 2015, suggesting that the nerves that gripped the country’s buyers pre-Brexit started to give way to a more positive outlook.
Property in the East of England saw the strongest growth rate, with prices rising 11.3% over the course of 2016, followed by the South East which saw boosts of 8.5%.
It’s not just purchase prices that have seen an uplift, rental rates are enjoying a boost as well. Twenty areas across the UK saw growth of more than 3% in the past 12 months, according to figures released by LandBay.
Luton had the fastest growing rents, with a rise of 6.5%, followed by Northamptonshire at 5.1%, Peterborough at 4.8% and Edinburgh at 4.6%
The year on year growth in the top 20 areas was:
|Area||Year on year growth (%)||Avg. rent 2017|
Avg. rent 2016
|Bath and North Somerset||3.67||£947.72||£914.18|
|Brighton and Hove||3.09||£1,074.17||£1,041.94|
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