Property values in England surge leaving the other home nations behind
House prices across the UK have risen by an average £16,000 over the last year with the typical home costing £277,000. In England property prices have increased by more than £4,000 per month with the gap between England and the other home nations widening, largely due to the boom in property prices in London and the south. The average house price in England in June was £290,000 up from £286,000 in May. This was almost £100,000 more than the average house price in Scotland and not far short of double the average house price in Wales and Northern Ireland.
Whilst in England property prices have soared by an average 6.1% and in a recovering Northern Ireland property market prices have jumped by 9% over the last year the picture in Scotland and Wales isn’t so rosy. In Wales prices increased by a mere 0.8% whilst in Scotland average property prices actually fell by an average 0.6%.
Head of Property Lynne McCaffrey comments:
“Whilst homeowners in England reading this news might be pleased to see that the value of their property is continuing to rise their counterparts in Scotland and Wales are likely to be less so. Meanwhile first time buyers will be filled with despair. It’s already a challenge to save and arrange finance when you’re looking to buy your first home but with galloping price rises this hurdle is set to get harder to jump.
“With improvements in the labour market and pressures of the availability of affordable housing price rises look set to continue and so it will continue to be difficult to take that first step on the property ladder if you’re a first time buyer.”
Content correct at time of publication