Good news for the housing market – October 2015 has seen another house price record breaking high of £287,000 across the UK.
According to the Office of National Statistics, the average property value in the UK climbed month on month by £1000, meaning that property values are now 7% higher than they were this time last year.
It was a similar story in mainland England too, although the average house prices are now even higher, coming in at £300,000.
Unsurprisingly, London sees the highest average value price, which properties averaging £531,000 in the capital – that’s up 7.7% since 2014.
However in Scotland, Northern Ireland and Wales, the house prices are all below their individual record breaking highs, as follows:
Scotland Average house price: £196,000 Currently Scotland are 5% below their record levels
Northern Ireland Average house price: £158,000 Currently Northern Ireland prices are a massive 41% down on their record levels
Wales Average house price: £174,000 Currently Wales is 0.3% below the record levels achieved in January.
However, it isn’t all good news – first time buyers ended up paying a huge 5.9% more for a property in 2015 than they did in 2014. However with the government agreeing to build more affordable homes, therefore creating a number of jobs within the construction and building industry, in the coming years, there is hope that there will be less private renting and more people taking their first steps on the property ladder.