House prices up 7.7%

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

Northern Ireland4.6%
North East0.4%
North West5.0%
Yorks & Humber3.3%
East Midlands6.2%
West Midlands6.8%
South East9.8%
South West6.5%

Written by: Houseladder