Although an impressive increase in value, it does not match the price rise seen a year earlier of 12%.
As always, there were wide regional variations, with price increases in Northern Ireland topping the list at 10.2%, whilst Wales and
Scotland could only record a modest 1.1% rise. In average house price terms, London, as usual, topped the list with houses there now averaging £531,000 and recording an average increase of 7.2%.
Overall, the increase in house prices in England was driven by the annual increases in London (as above), in the East by 8.4% and the South East rising by 7.4%. At the other end of the scale, houses in the North East of England averaged £158,000 with a more modest annual increase of 1.8%.
In September 2015, prices paid by first time buyers were 4.3% higher on average, against the same time last year, while owner-occupiers (existing owners) also saw an annual increase of 6.9%.
Commenting on these figures, a former Chairman of the Royal Institute of Chartered Surveyors (Rics), Jeremy Leaf, was reported to have said: “With the average property price in London now £531,000, unless you earn way above the national average salary, you have precious little hope of being in a position to buy.
“Generation Rent is being left out in the cold; they have aspirations to buy but are being pushed further away from their goal.”
Issued by: Enable Independent Financial Life Planners 25c North Street, Bishops Stortford, Herts CM23 2LD • Telephone: 01279 755950 - Fax: 01279 657339 Enable Independent Financial Life Planners is a trading style of Enable Independent Limited is authorised and regulated by the Financial Conduct Authority. It is important always to seek independent financial advice before making any decision regarding your finances. If you would like any assistance, please contact us. NOTHING CONTAINED IN THE ARTICLES SHOULD BE CONSIDERED AS GIVING INDIVIDUAL FINANCIAL ADVICE
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