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Home costs rose by 10.8 per cent final yr, with the worth of the typical home up by £27,000 to £275,000, in response to official figures.
They reached report ranges throughout Britain in December, the Workplace for Nationwide Statistics stated.
The strongest development in costs was recorded in Wales, the place the typical home was 13 per cent dearer, reaching a report stage of £205,000 on the finish of final yr in contrast with December 2020. Costs rose by 10.7 per cent in England, with the typical worth of a home at a report excessive of £293,000. The typical home in Scotland value £180,000, up by 11.2 per cent from a yr earlier and £159,000 in Northern Eire, which rose by 10.7 per cent.
Mike Hardie, head of inflation on the Workplace for Nationwide Statistics, stated that home costs had risen throughout the board within the final yr. “Home costs within the UK, England and Wales all reached report ranges this month, with the typical UK home worth at £275,000 in December 2021, £27,000 larger than this time final yr,” he stated. “UK rental costs accelerated at their quickest tempo since 2017, with will increase throughout each area in England, together with London.”
The dearth of provide of properties is likely one of the fundamental issues confronted by the housing market, in response to Nitesh Patel, strategic economist at Yorkshire Constructing Society. “A key problem within the present housing market is the dearth of provide of properties on the market while demand continues to stay robust — which maybe explains the robust worth efficiency in southern England,” he stated.
Patel added that the stamp responsibility vacation boosted home costs for many of final yr however worth rises haven’t cooled off for the reason that scheme, which supplied potential patrons financial savings of as much as £15,000, ended on September 30. “Low borrowing prices and a powerful jobs market are key drivers however within the coming months an extra deterioration in family funds might take a few of the warmth out of the market,” he stated.
Rents paid by tenants to personal landlords rose at their quickest tempo since 2017, in response to separate information printed by the ONS. Non-public rental costs elevated by 2 per cent within the yr to January 2022.
The 0.1 per cent rise recorded in London pulled down the typical of three per cent throughout the remainder of the UK. The ONS stated that the slower development in rents within the capital mirrored the rise within the provide of rental properties and the rise in dwelling working, which generally means fewer folks must dwell near their office.
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