UK house prices increased by 7.0% in the year to October 2015, up from 6.1% in the year to September 2015, the Office for National Statistics (ONS) has revealed.
House price annual inflation was 7.4% in England, 1.0% in Wales, 0.9% in Scotland and 10.3% in Northern Ireland. Annual house price increases in England were driven by an annual increase in the East (10.4%) and the South East (9.5%).
Excluding London and the South East, UK house prices increased by 5.6% in the 12 months to October 2015. Prices in the capital increased by 7.7% over the year to October 2015, up from 7.2% in the year to September 2015.
In October, London continued to be the English region with the highest average house price at £531,000 and the North East had the lowest average house price at £158,000. London, the South East and the East all had prices higher than the UK average price of £287,000
Peter Rollings, CEO of Marsh & Parsons, said: “London house prices are digging their heels in despite the barrage of ferocious taxation they’ve faced, and are standing tall at record levels as we approach the end of the year. London may no longer be the region out in front, but it still has a significant and positive impact on measures of house price growth across the country, lifting it by 1.4 percentage points.
“The various housing packages announced in the Autumn Statement will have cheered spirits in the run-up to Christmas. With a typical London home worth comfortably over half a million pounds – and at record levels – extra support systems are especially needed in the capital. The new Help to Buy scheme gives many aspiring Londoners the chance of a foot in the door. Activity also looks to ramp up on another front as we enter 2016. Landlords looking to avoid the extra levy from April will be hurrying to complete purchases before this deadline, so we expect the usually busy first quarter of the year to be even more animated than usual.”