House prices continued their upward trajectory in October to stand at a UK average of £287,000, the Office for National Statistics has reported.
The ONS says annual house price inflation was 7.4% in England, 1% in Wales, 0.9% in Scotland and 10.3% in Northern Ireland.
The average “mix-adjusted” house prices in October were £300,000 in England, £174,000 in Wales, £196,000 in Scotland and £158,000 in Northern Ireland.
House prices were up in every part of the UK on an annual basis but with large regional variations.
In the east of England, inflation was 10.4%, in the south-east 9.5% and in London 7.7%. However, in the north-east, annual house price inflation was 2.9% and in the north-west 4.4%.
Separately, lenders reported that house purchase lending bounced up 10% in October compared with September.
The Council of Mortgage Lenders says that first-time buyers took out 29,900 mortgages, while home movers took out 35,400 house purchase loans.
Buy-to-let borrowing also rose substantially, with 11,400 house purchase loans and 13,300 buy-to-let remortgages.
Comments (1)
The ONS are mistaken 2015 has shown significant and I really do mean significant falls in completion prices in several outcode districts over peak values in 2014
Not sure where The ONS got their numbers from but we are 12 hours into a data cleanse of the 2015 Land registry data which includes multiple data duplications which in total appear to be skewing data by about £20 billion for the 20 years data