By Northern English regions see surge in house prices
Recent figures released by the Office of National Statistics show that Northern English regions have seen a higher increase in house prices than London and other Southern regions.
In the past year up to June 2021 the UK average house price has increased by 13.2%, the highest annual growth rate the UK has seen since November 2004.
The North West had the highest change with house prices being 18.6% higher than the previous year.
Yorkshire and the Humber’s house prices went up by 15.8%, however they still have a relatively low average house price at £194,518.
While prices has rocketed in the North, London has only seen a rise of 6.3% with the lowest growth in prices for the seventh consecutive month, followed by the South East of 10.5%.
For the whole of the UK the average house price is currently £266,668, £31,000 higher than the previous year.
Land registry data also shows a growing demand and increased house price for semi-detached and terraced houses.
In areas such as coastal and rural locations where relatively few properties were on the market, failing to match demand, prices continued to grow.
Mortgage rates are also at historically low levels, meaning buyers in a position to put down a significant deposit would have to pay very little interest on home loans.
