House prices up by annual 13.2% in year to June

The average UK house price increased by 13.2% over the year to June, new data published by the Office for National Statistics (ONS).

The figure is up from the 9.8% recorded in May and reflects the highest annual growth rate the UK has seen since November 2004.

UK average house prices have now reached a record high of £266,000 according to the figures, which is £31,000 higher than June last year. 

Regionally, the figures confirmed that average house prices increased by 13.3% over the year in England to £284,000, by 16.7% in Wales to £195,000, by 12.0% in Scotland to £174,000, and by 9.0% in Northern Ireland to £153,000. London is still the region with the lowest annual growth (6.3%) for the seventh consecutive month.

Commenting on the data, Smartr365 CEO, Conor Murphy, said:  “Today’s findings are to be celebrated and we hope that house prices will continue to grow in the coming months. Market momentum remains strong and I’m confident that the availability and pricing of credit will ensure the market retains its buoyancy post-September.
 
“There are now just six weeks until the nil-rate band reverts to the £125,000 threshold, making it essential that brokers adopt tech solutions to speed up the application process and help as many buyers meet the deadline as possible.”

Trussle head of mortgages, Miles Robinson, added: “Buyers should remain cautious of the market at this time. Demand has far outstripped the supply of homes for sale and as a result, properties for sale are being snapped up incredibly quickly, often above the asking price and beyond the property’s original value.

“This is putting buyers at risk of lenders down valuing during the mortgage process and even if applications are successful, homeowners could find themselves in negative equity later down the line.

“Those starting a property purchase now should factor Stamp Duty into their costs to avoid any unwelcome surprises later down the line that might jeopardise their property purchase.”

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