house prices high

House prices hit record high as Theresa May vows to build more homes

The latest figures from the Office for National Statistic (ONS) revealed that prices are continuing to rise across the UK, with north-west England at the head of the surge.

The average house price in the UK hit £226,367 according to ONS data from September, which is up £11,000 from a year earlier. This is a 0.4% increase from August’s price of £225,956, and means that the UK has seen annual price growth of 5.4%.

England took the lead with an average surge of 5.7% over the 12-month period, followed by Wales with a 5.3% rise and Scotland with just 3.1%.

Theresa May today made a speech in north London’s Barnet promising to tackle the housing crisis by building “more homes, more quickly”, in response to the fact that the shortage and pricing of housing will be a key issue in next week’s Autumn Budget.

She said: “We must get back into the business of building good quality new homes for people who need them most.

“That is why I have made it my mission to build the homes the country needs and take personal charge of the Government’s response.”

Regional change

The north-west of England has seen the most significant rise in the last year, climbing by 7.3%, while London reported just a small uptick of 2.5% over the year. The recent five-year forecast by Savills shows that this trend is likely to continue for the foreseeable future.

The average cost of a home in London is currently £483,568, well above the national average, so the slowdown in prices will be welcomed by those trying to get onto the property ladder in the capital. Meanwhile, north-west average house prices remain well below the national average at £160,951.

The news this week that housing associations are to be reclassified as private organisations will mean £70bn of debt will be removed from the government’s balance sheet. The move, which comes as part of the Autumn Budget, will allow them to build more affordable homes and create “a more stable investment environment”, according to communities secretary Sajid Javid.

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