The Office of National Statistics has today released new figures, making it official : house prices are still going up. The number of people being gazumped when trying to buy a house will probably also rise.
It is now more commonplace for agents to warn prospective buyers that they may have to prepare themselves to pay more (much more) than the marketed price. Now it seems those prices will start at an even higher level.
On the plus side it is good news for the market generally, especially in light of the recent changes to stamp duty and lending rules.
- UK house prices increased by 6.1% in the year to September 2015, up from 5.5% in the year to August 2015. - House price annual inflation was 6.4% in England, 1.1% in Wales, 1.1% in Scotland and 10.2% in Northern Ireland. - Annual house price increases in England were driven by an annual increase in the East (8.4%) and the South East (7.4%). - Excluding London and the South East, UK house prices increased by 5.0% in the 12 months to September 2015. - On a seasonally adjusted basis, average house prices increased by 0.8% between August and September 2015. - In September 2015, prices paid by first-time buyers were 4.3% higher on average than in September 2014. - For owner-occupiers (existing owners), prices increased 6.9% for the same period.