Recent data from the Office of National Statistics shows that property prices in the UK are rising by more than £1,000 a month, with the East of England the biggest climber. Values in this area were up 10.4% in the 12 months from October 2014 to 2015, with the shortage of properties believed to be the main driving force behind the hike.
Overall, property price in the UK saw an inflation of 7%, up from 6.1% in September. The average price of a property in the UK is now £287,000, £40,000 more than just two years ago!
Across the UK, the average prices of property vary wildly, with prices reaching £300,000 in England, £174,000 in Wales, £196,000 in Scotland and £158,000 in Northern Ireland.
The prices don’t seem to be putting off buyers though. First time buyers are paying 5.9% more that they were last October, with data from the Council of Mortgage Lenders showing that first time buyers borrowed 10% more in October 2015 that the year before.
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