ONS figures show rise in house prices

Wed, 14 Jun 2017

ONS figures show rise in house prices
Official figures show that the average cost of a UK home in April was £220,100, a rise of £3,500 compared to the previous month.

The Office for National Statistics (ONS) said that this represented a £12,000 rise when compared to the same month a year ago, which contradicts reports of a stagnant housing market.

According to the reports, house prices rose particularly sharply in Scotland.

On top of this, the report also found that there was also a 1.8 per cent rise in the cost of renting a home.

The ONS said that there was an increase of 5.6 per cent in the average house in the UK during the year to April, compared to 4.5 per cent in the year to March.

ONS figures contradict recent figures provided by the Halifax and the Nationwide Building Society, both of which have said the market has stalled over recent months.

"These figures go against the recent trend of a Brexit-related slowdown that we predicted last year but remain consistent with our guidance of 2 per cent to 5 per cent growth in 2017 as a whole," said Richard Snook, senior economist at accountants PwC.

The survey from the ONS includes cash buyers, however critics point out that the survey only uses a very small sample of data, which can result in conclusions being drawn incorrectly.

The annual growth in rental costs has dropped from 2.5 per cent to 1.8 per cent, following research showing that affordability of house buying and rent was the biggest issue for tenants of private landlords.
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