House Price update October 2014
House Price Update October 2014
A recent house price survey has found that the average property in the UK has risen £15,300 in value in the last year. Latest figures from the Office for National Statistics show that the average UK house was worth £274,000 in August 2014.
Prices in Cambridge have grown the fastest, climbing 32.5 per cent to an average of £348,300. Oxford has experienced a 10.5% rise, Bristol; 14.1%, whilst Portsmouth has seen gains of 10.4% over the past year. The average price of a house in London house still outstrips everywhere else in the UK, with an increase of 18.1 per cent, or £61,000 over the year to September. Yet the surge in prices in the South is thought to be a direct result of Londoners abandoning the Capital for cheaper housing elsewhere.
Rental inflation has also risen by 4.6%, with the average monthly rent in the UK standing at £728 outside of London, and £1,466 in the Capital. However, the rental market appears to be slowing, as eight regions in the UK have seen price falls.
According to the Centre for Economics and Business Research (CEBR), overall, house prices are expected to fall very slightly in 2015, dipping by around 0.8% Property website Rightmove, however, are forecasting house prices to rise by a massive 30% over the next five years.
Demand for property within the rental market remains strong due to rising house prices, yet as buy-to-let mortgage payments have become more expensive in the past 12 months, yield could be reduced.
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