UK house prices continue to grow

Latest News Wed, Mar 23, 2016 9:18 AM

UK house prices continue to grow

The cost of a typical home reaches a new record high, according to official figures, with growth of 6.1% over the past year.

The Office for National Statistics (ONS) measured a jump of £1,000 in the typical cost of a property between August and September. It left the average price at a new peak of £286,000.

The rises were again driven by England - where average costs are just below £300,000. Values in Scotland, Wales and Northern Ireland remain below the levels seen before the financial crisis.

The ONS said starter home costs were rising at a slower rate on average than those across the wider market - with a first-time buyer paying 4.3% more than they did a year ago at £216,000.

London's rapid rate of price growth continued to ease down, rising by 7.2% over the 12 months to a new record high of £531,000. Property prices in Northern Ireland, which remain almost 40% below their pre-crisis high, achieved the fastest rate of annual growth at 10.2%.

The official figures lag behind other house price reports, conducted by the likes of Nationwide and the Royal Institution of Chartered Surveyors. They have pointed to demand continuing to far outstrip supply as the market enters its traditional slowdown ahead of Christmas.

The Prime Minister has demanded a house-building "crusade" to help ease the crisis over the shortage of homes through the relaxation of planning laws.

However, the building industry has argued that a lack of skilled workers could limit the Government's ambitions. A recent report  found the construction sector needed an additional one million staff to meet demand for one million new homes by 2020.

Featured News

Specification news
Designing Wet Rooms in Modern Construction: Key...

Wet rooms have become a standout feature of new-build residential and mixed-use...

Read More >>

Specification news
Grant Westfield to demonstrate practical and stylish...

Grant Westfield, the company behind leading wall panel brands Multipanel and...

Read More >>

BUILDING PRODUCT LIBRARY - LATEST BROCHURES

2026 Product Brochure Brochure

2026 Product Brochur...
By ​The Radiator Compan...

Download Now >>

System for Laying Floor and Wall Coverings Brochure

System for Laying Fl...
By FassaFloor

Download Now >>

Training for Excellence Brochure

Training for Excelle...
By Aico

Download Now >>

The Connected Home Solution Brochure

The Connected Home S...
By Aico

Download Now >>

Safety First, Aico First Brochure

Safety First, Aico F...
By Aico

Download Now >>

BUILDING PRODUCT DIRECTORY - LATEST PRODUCTS

Glass Partition Walls
Glass Partition Walls

Partition wall systems made of glass allow transparent room partition. They open, divide and...

Read More >>

FASSAFILL MEDIUM
FASSAFILL MEDIUM

Water repellent cement-based sealant for grouting joints from 2 to 12 mm, resistant to mould and...

Read More >>

FASSA AQUAZIP FAST
FASSA AQUAZIP FAST

Two-component elastic cement membrane, quick drying even at low temperatures, for waterproofing and...

Read More >>

CONSTRUCTION VIDEOS - LATEST VIDEOS

DAB EsyBox Pop | Compact booster pump for perfect home water pressure
DAB EsyBox Pop | Compact booster pump for perfect home water pressure

Struggling with weak showers and inconsistent flow? The DAB EsyBox Pop is the revolutionary,...

Watch Now >>

Marsh Industries - Phos-Lite
Marsh Industries - Phos-Lite

Marsh Industries - Phos-Lite

Watch Now >>

Marsh Industries - Nutra-Lite
Marsh Industries - Nutra-Lite

Marsh Industries - Nutra-Lite

Watch Now >>