UK housing Prices hit average of £292,000 in completely broken housing market
UK housing market House price growth accelerated in the UK during January 2016, according to the Office for National Statistics (ONS). The average UK house price grew 7.9% over the year, to £292,000 as the ongoing supply shortage in some areas drives prices ever higher. House building in England is running at around half the level needed to meet demand.
Broken down by country and region, the picture is varied. The ONS average house price grew by an annual rate of 8.6% in England (£305,000), 0.1% in Scotland (£195,000), and 0.8% in Northern Ireland (£153,000). It fell 0.3% in Wales (£195,000).
Across the English regions, the South East recorded the fastest growth at 11.7% to an average of £374,000. London's average rose 10.8% to £551,000, the highest of all regions. The Nor...