House prices boom continues: Properties up 10% across the UK

House prices soared by 10 per cent over the past year - driven 'in large part' by runaway prices in London, official figures revealed this morning. Homes in the capital were £65,000 more expensive in November than at the same time last year – a 15.3 per cent increase in 12 months. Excluding London and the wider South East, house prices increased by 7.1 per cent across the rest of the country, the Office for National Statistics said.

 

House prices in the UK were up 10% in the 12 months to November, the Office for National Statistics said. The boom was driven 'in large part' by the runaway prices in London - with properties up 15.3 per cent.

But there were some signs that the great house price boom was easing off.

In the month between October and November last year, house prices grew 0.2% - compared to an increase of 0.6% during the same period a year earlier.

London homes are also slightly down compared to August - falling 2.5 per cent in three months. However, this is still 36.1 per cent higher than in January 2008.

Housing charity Shelter said the booming housing market was making it impossible for an increasing number of families to get on the property ladder.

Chief executive Campbell Robb, said: 'With house prices still sky-high, it's no surprise that homeownership in the UK is now below the European average.

'Shelter hears from people every day who are desperate to put down roots for their family, but have lost hope of ever having a home of their own. Something's just not right when millions of people are stuck in a "rent-trap", with barely enough money left over each month to make ends meet, let alone save up for a deposit.'

In the year to November, prices grew 10.4 per cent in England, 3.1 per cent in Wales, 4.4 per cent in Scotland and 11.7 per cent in Northern Ireland.

Every region in England recorded higher house price growth more than Scotland and Wales.



Britain's housing boom continued in the 12 months to November, but was showing signs of slowing down with house price growth falling from 10.4 per cent to 10 per cent

Prices grew fastest in the South East and East Anglia – up 10.8 per cent and 11.9 per cent respectively.

House price growth was weakest in the West Midlands - with properties up 5.1 per cent - followed by Yorkshire & The Humber and the North East, recording 5.3 per cent and 5.9 per cent.

The booming property market is making it increasingly difficult for first-time buyers to get on their foot on the housing ladder.

In November, prices paid by first-time buyers were 11 per cent higher on average than at the same time the year before - with the average price paid hitting £208,000.

The average UK house price in October was £271,000 – with properties in England the most expensive at £283,000.

Homes in Wales cost £171,000 on average, £194,000 in Scotland and £147,000 in Northern Ireland.

In London meanwhile the average house costs £501,000 – almost three and a half times more than in the North East which has the lowest average house prices at £155,000.

London, the South East and the East all had prices higher than the UK average price of £271,000.

Source: www.dailymail.co.uk