UK House Inflation Reaches 10.5%

Annual house price inflation hit 10.5% in May, the highest rate for four years, according to the Office for National Statistics (ONS).

That is up from 9.9% in the previous month.

Once again, the market was in large part driven by London, where house prices rose by a record 20.1% over the year.

But excluding London and the South East, prices rose by a much more modest 6.4% across the UK.

Prices were up in every region, except for Northern Ireland, where they fell by 0.7%.

In England, prices rose by 11%, in Wales prices were up by 6.5%, and in Scotland they rose by 3.6%.

According to the ONS index, the average price of a house across the UK is now £262,000.

“Annual house price growth of 20.1% is borderline insane, but there are signs that the capital started to cool slightly in June and July,” said Jonathan Samuels, the chief executive of Dragonfly Property Finance.

via BBC

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