Average house price now over £200,000

[brian]

The BBC reports that the Land Registry shows that the average price of a property in the UK is now over £200,000:

The average house in England and Wales now costs more than £200,000, according to the Land Registry.

Its latest quarterly report, which studies sales between July and September, shows that the average price rose to £211,453, up 9% on the year.

The most expensive county in which to buy a property was Surrey, where prices averaged £351,000.

But prices were higher in nine London boroughs, with properties in Kensington & Chelsea costing £942,000 on average.

The number of properties being sold in England & Wales was up 17% on a year ago. However, while still a sharp rise, this annual growth rate is lower than that recorded in the previous three months.

[destiny_star2006]

This is rather worrying for me as im yet to get onto the property ladder.
And it seems that just when i feel im that step closer, the prices rise yet again.
I sometimes feel i will never get on there and always think damn i should have started the process many years ago.

[ninikins]

Most people believe it's going to be almost impossible for this generation to actually buy and pay off their own house with prices constanty on the rise. I'm starting to think they may be right.

[Chris]

Yes, I'm worried about the future of my children with markets rising the way they are. Will my children ever be able to own a house of their own?

[tater03]

Between what the price of houses will be and the cost of a college education I just cannot imagine how my sons are ever going to own their own home or get an education for that matter. Hopefully we will be able to help somewhat. It's scary when you think about it.

[dwalliz]

That is very scary. House prices are keep going up and I don't see any relief anytime soon.

[vicki2]

Thing about real estate is that the prices are usually cyclical. Right now, it's a seller's market but that will start to switch as the prices have pretty much reached an economic ceiling. They'll start to drop and then we have a buyer's market again. I love these cycles! LOLL

[dwalliz]

I really hope so, and also I heard that despite it is the seller's market there are some homes that have little luck of selling because of the high asking price.

[tater03]

What I don't get is exactly what do they mean it is a sellers market? The reason I ask this is if it is a sellers market than why are so many houses for sale and not selling? Are they just to high of an asking price?

[vicki2]

A seller's market is when real estate is selling and for asking prices because the economy is either quite good, or because there's a housing shortage. It means the seller is either making a good profit or houses are selling quickly without negotiation.