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Housing market growth takes average price to £250,000
UK house prices increased by 5.5% in the year to December 2013, taking the average UK house price to
While house price growth in England led the way with a 5.7% increase, Northern Ireland and Wales followed closely behind both with a rise of 4.8%.
Scotland’s housing market has struggled to keep pace with a rise of 0.5% in house prices last year.
Annual house price increases in England were driven by rises in London (12.3%), the East (4.6%) and the West Midlands (4.3%).
In December 2013 prices paid by first-time buyers were 7.4% higher on average than in December 2012.
For existing owners prices increased by 4.7% for the same period.
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Rory Penn, partner of London estate agency VanHan, said: “There is a structural lack of supply, a growing mortgage market and improving consumer confidence all of which are boosting property prices.
“First-time buyers are paying significantly more than they were a year ago and if this trend continues a lack of affordability could start to become an issue.
“For now, however, it’s the best opportunity for first-time buyers to get on the housing ladder for some years with interest rates at historic lows, even if some lenders are starting to increase their longer-term mortgage pricing.”