House prices are up 7.7% to November 2015 over last 12 months according to Office of National Statistics (ONS)
The average house price in the UK now stands at £288,000 up 7.7% in 1 year but wages have only grown 2.4%. London and the South East are the biggest growth areas.
A shortage of supply and rising demand were behind the house price jump in November, the ONS said.
Richard Snook, senior economist at PwC, said: “Strong momentum in the UK property market means prices continue to outstrip growth in average earnings. That makes home ownership more difficult for ‘generation rent’, the 20-39 age group that our research shows is increasingly struggling to get on the housing ladder.”
The house price growth by region varied as shown below
|Yorks & Humber||3.3%|