Property Prices In UK Grow At Fastest Annual Rate in Seven Years
2 minute read
House prices in every region of the UK have increased again this year, granting more credence to fears that a gulf will be created, leading to difficulty in young buyers making their first steps onto the property ladder.
Figures emerging from the Office for National Statistics have revealed “the average UK price is now £272,000, which is up 11 per cent from £245,000 while the gap between house prices in the capital and the rest of the UK continues to grow.” The growth exhibited in July was at its fastest annual pace seen in seven years.
London house prices also exhibited a sharp increase with the average London property costing £514,000, increasing £15,000 in a month and £76,000 on a year earlier. The typical starter home is 13.5 per cent more expensive than it was a year ago and the biggest annual increase recorded since March 2005.
Industry experts have expressed concern at how these changes will affect first time buyers, citing the potential for first time buyers to be priced out of the market and see their dreams of owning property go wholly unrealised.
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