House prices rise as a result of the conservatives re-election. The national average house price now stands at £273,000. This makes the conservative aim of a house owning society even more unreachable.
It’s the kind of news that would make most first time buyers hopeful of getting a foot on the UK property ladder weep into their shiny estate agent brochures.
UK house prices surged 9.6 per cent in the year to March, a further improvement from the 7.4 per cent recorded in the 12 months to February, according to the Office for National Statistics.
Housebuilders and estate agents had reported a cooling of activity at the start of this year as property sellers and buyers remained nervous about the general election result but the latest statistics show the UK property market is roaring back to life.
House price inflation in Scotland was particularly high during the latest period, jumping 14.6 per cent – the biggest annual increase since July 2007.
The latest HPI (House Price Index) in the UK reveals that house prices have gone up 9.6% over the past year. However, there is wide variation among regions in the average price of houses and the rate of change. The data also shows a clear North-South divide, with house prices becoming increasing high in London and the South since 2008, but remaining fairly flat in the North or even falling such as in Northern Ireland.