There’s still life left in the housing market according to the government’s Office for National Statistics, which say house prices across the UK rose 5.7 per cent in the year to May.
Its latest figures show that house price annual inflation was 5.8 per cent in England, 2.5 per cent in Wales, 2.9 per cent in Scotland and a whopping 10.5 per cent in Northern Ireland.
The average price of a property in the UK is £274,000 says the ONS.
Annual house price increases in England were driven by an annual increase in the East (by 9.3 per cent) and the South East (by 8.2 per cent). Excluding London and the South East, UK house prices increased by 5.2 per cent in the 12 months to May 2015.
In May 2015, prices paid by first-time buyers were 5.1 per cent higher on average than in May 2014. For existing owner-occupiers, prices increased by 5.9 per cent for the same period.
Andrew Bridges, managing director of Stirling Ackroyd estate agency in London, says rising house prices “are a sign of success” but warns that the capital needs to avoid being a victim of its own success. “Over the next decade, our analysis shows the capital needs another half a million homes” he claims.
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The bubble keeps going until it bursts, then we're all in trouble.
You really are the prophet of doom this morning, Rob. Aren't you supposed to be an estate agent? Surely you should be delighted that the market is performing well?
As far as I can see, this is only good news. Of course there is life in the property industry, it's the one thing over the past few years that has consistently performed at or above expectations.
Yes this is obviously fantastic news, especially since the upheaval of the industry following the surprising General Election. Although Mr Bridges is correct in that something must be done about the shortage of affordable housing, and something needs to be done fast.
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