Machins Solicitors LLP
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UK House prices show an annual increase of 6.9%

Posted: 12th January 2017   In: Residential Conveyancing

House prices in the UK rose by 6.9% in the year to October, according to the latest official figures from the Land Registry. However, the number of sales dropped by 8% over the same period.

The price of the average property is now £216,674.

In England, the October data showed an annual price increase of 7.4%, taking the average property value to £232,655. Monthly house prices fell by 0.1% since September 2016.

Wales showed an annual price increase of 4.4%, taking the average property value to £147,065. Monthly house prices rose by 1% compared with September 2016.

London showed an annual price increase of 7.7%, which took the average property value to £474,475. Monthly house prices fell by 1.2% since September 2016.

The regional data indicates that:

Home sales in the UK increased by 1% between September and October. However, the level of home sales in October 2016 was 8.0% lower than in October 2015.

Please contact Lucie Stewart and Gary Baber if you would like advice about the legal aspects of buying or selling a home.

Posted by: Lucie Stewart
Residential Conveyancing
Luton Office