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Average house price up 5.7% to £277k

The average UK house price rose by 5.7 per cent to £277,000 in the year to June, according to the Office for National Statistics.

On a monthly basis, prices were up 0.4 per cent from May.

Northern Ireland experienced the largest growth over the year, at 9 per cent, followed by England at 6.1 per cent and Wales at 0.8 per cent. Scotland was the only country in the UK to see prices drop over the 12 months to June, by 0.6 per cent.

Napier Watt director Jonathan Adams says the headline figures mask regional differences.

He adds: “In the mainstream market, rising property prices are causing problems for those who aren’t wealthy and many people are struggling to buy, despite cheap mortgage rates. 

“Stamp duty is putting people off buying as it feels more cost-effective to rent.

“The big issue at the moment continues to be when interest rates might rise. This event feels a little closer following comments from the Bank of England, yet many borrowers tend not to appreciate the impact of a rate rise until the first one actually happens – and with many youngsters never having experienced a rate rise, it will come as quite a shock when it does.”

Legal & General Mortgage Club director Stephen Smith says: “Buyers flocked to the market after an end to pre-election uncertainty. Although this data is historical, it still shows the scale of the imbalance between supply and demand. 

“Much has happened in the market since June that is likely to stimulate more demand, such as hints at a rate rise from the Monetary Policy Committee.”



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