Property prices rose by £1,000 a month over the last year, pushing values up by 18%, according to new figures released by the Office for National Statistics (ONS). The news will be welcomed by those who own or let a home, but means that those trying to get on the ladder may need to save more for that deposit. It has been reported that the reason for the significant rise in values is due to a lack of available homes in particular areas of the UK.
The ONS reported that the average home in the UK is now £277,000 compared with £265,000 a year ago. The report was nationwide and figures were rather different in London where it was good news for those looking to buy - the capital’s values rose a relatively modest 5% during the last year. The news about London property shows the trend for steep rises could be slowing down.
Although the news provides an interesting insight into the stability of the property market for investors, many journalists are reporting that the autumn and winter months will offer the real test.
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