House prices in the UK have risen by more than seven per cent over the last year, according to new statistics.
The Office for National Statistics and Land Registry have teamed up to publish results for the 12 months to December 2016 - and revealed the average UK property increased in value by 7.2 per cent. The figure for England was slightly higher at 7.7 per cent.
It means a typical property in the UK was worth £220,000 at the end of 2016, £15,000 more than at the end of 2015.
Kevin Shaw, national sales director at property specialist Leaders, says: “Despite several factors, including Brexit, threatening to dampen optimism in the property market in 2016, these figures - which carry more weight than any others as they are based on actual completions rather than sales agreed or mortgage approvals - reveal the true resilience of the market.
“Even during what is traditionally one of the quietest times of the year for the market, there was a month-on-month increase in the number of sales and a 1.4 per cent increase in house prices from November to December last year.”
Overall, the east of England was once again highlighted as the highest-growth region, with a house price increase of 11.3 per cent last year. It was followed by the south-east (8.5 per cent) and London (7.5 per cent). The lowest annual growth was in the north-east, where prices increased by 4.1% over the year.
Kevin adds: “High demand has been underpinning rising prices for some time and this shows no sign of changing. It is clear that, even as we head into the uncharted waters of Brexit, people will still need to move, a greater supply of homes will be needed – to both buy and rent - and property will remain an attractive and reliable investment.
“The mortgage market is also extremely competitive with record low rates making it more affordable to borrow and move up the ladder. Cheaper deals are also good news for first-time buyers, who we expect to continue to grow in numbers over the course of the year ahead.”
For expert advice on selling or buying a property in your area, contact your local Leaders branch.