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UK house prices up 7.2% in December

House prices in the UK were up 7.2 per cent in the year to December, equal to the November rise, according to the latest ONS and Land Registry House Price Index.

The average UK house price was £220,000 in December 2016, £15,000 higher than in December 2015 and £3,000 higher than in November.

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However, the report found that annual house price growth was weaker in the second half of 2016 compared with the first half of the year.

The main contribution to the price increase in December came from England, where house prices increased by 7.7 per cent over the year, with the average price in England now £236,000.

Wales saw house prices increase by 4.7 per cent to stand at £148,000, while in Scotland, the average price increased by 3.5 per cent over the year to stand at £142,000.

The average price in Northern Ireland was £125,000 in December, an increase of 5.7 per cent over the last 12 months.

Commenting on the figures OneSavings Bank sales and marketing director John Eastgate says: “Last week’s Housing White Paper reinforced the well-established truth that supply shortages have been the major contributor to rising house prices.

“These look set to rise steadily, outstripping real wage growth, stretching affordability and causing tension amongst long-term renters and aspiring homeowners alike.

“Today’s figures from the ONS only reinforce the scale of the challenge at hand, and the remedial action required to tackle this should not be underestimated.  Although the White Paper has identified some potentially sound means of addressing our “broken” housing market, these solutions will take time to deliver.”

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