Michael Brown
The latest UK House Price Index recorded average house prices up 10.8% in the year to . According to data from the Land Registry, it is the biggest gain in a calendar year since 2002.
This means the average UK home is now priced at ?274,712, with property remaining the most expensive in England at an average of ?293,339.
Conversely, Northern Ireland remains the cheapest place to purchase property in the United Kingdom, with the average house price at ?159,000.
House price growth was strongest in Wales where prices increased by 13.0% in the year to . The lowest annual growth was in London, where prices increased by 5.5% in the year to , the Government said in a statement.
With inflation still on the rise , pressure will grow on the Bank of England to raise interest rates once again. Coupled with rising house prices, this can make it more expensive for first-time buyers to own their first home. Læs videre “What does this mean for first first-time buyers?”