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News: UK house prices hit the ground running in 2016

Tue, 16 Feb 16

UK house prices are hitting the ground running as 2016 gets under-way, with values up 6.7 per cent over 2015.

The latest ONS House Price Index show that England let the way with house price growth of 7.3 per cent year-on-year, followed by 1.5 per cent in Northern Ireland and 1 per cent in Wales. Prices fell 0.2 per cent in Scotland.

The East drove up England’s prices, with the highest annual growth of 9.7 per cent, just ahead of London’s 9.4 per cent. (Excluding London and the South East, UK house prices increased by a lower 5.1 per cent in the 12 months to December 2015.)

"Existing home-owners have every reason to be in high spirits after the tenacious house price growth experienced last year," says Peter Rollings, CEO of Marsh & Parsons. "which saw average values break through the £300,000 barrier. And buyers climbing onto – or up – the property ladder are hitting the ground running, on the back of favourable mortgage deals and support schemes from the government."
 
The agency reports that new buyer registrations have risen 24 per cent in London in the last year, which "bodes well for purchase activity in the opening months of 2016".

"Landlords and investors in particular will be in a hurry to secure their preferred property before the additional 3% Stamp Duty becomes liable on second homes in April. But with annual house price growth in London just shy of double digits, first-time buyers and those trading up also can’t afford to hang about either," adds Rollings.

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