Average UK home reaches £210,000

Permalink: Average UK home reaches £210,000
by Kay Murchie

The Department of Communities and Local Government have revealed that figures in April implied that the average UK home now costs £209,454. House price inflation increased during April, after slowing briefly in March.

London continued to dominate the English property market, with annual inflation of 14% pushing the average price of a home above £320,000.

Prices in Northern Ireland continued to soar, with prices rising 54% over the last 12 months, despite warnings of a potential crash over the border in the Republic of Ireland. The average home in Northern Ireland now costs £228,208 - almost £12,000 more than the average home in the UK.

Prices in Wales and Scotland increased to £162,170 and £155,516 respectively in April. A monthly increase of 1.3% meant conditions for first-time buyers remain touch.

According to recent reports by the Halifax and Nationwide, they are suggesting that the property market is beginning to slow, with both showing growth cooling off in May.

Analysts are suggesting that a combination of affordability problems and worries about further interest rate rises are putting off buyers.