Thursday 23 November 2017

UK house prices 3.6% higher than their previous peak

The rate at which UK house prices are rising has continued to increase, according to official figures.

UK house prices 3.6% higher than their previous peak

The ONS figures also show that first-time buyers have been amongst those hardest hit by house price rises. Photo: The Guardian.

April 16, 2014

The Office for National Statistics (ONS) has reported house prices across the UK rose by 9.1% in the year to February 2014. The annual rate in January was 6.8%.

The ONS also said house prices in February were 3.6% higher than their pre-recession peak in 2008.

Prices in London have risen by their fastest rate for nearly seven years, with the cost of houses in the capital increasing by 17.7% over the past 12 months.

All countries making-up the UK saw a rise in prices over the last year, from 9.7% in England, 5.3% in Wales, 2.8% in Northern Ireland and 2.4% in Scotland.

Although the news has again prompted concern about a housing bubble, particularly in London, the UK Housing Minister, Kris Hopkins, said the amount of money being lent out in mortgages was still comparatively small.

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