New official data revealed that the average home in the UK is now worth £265,000 – up 10.2 per cent year on year.
At the same time experts said a fall in inflation, announced last week, lessened the chance of an interest rate rise any time in the near future. Market analysts welcomed the double shot-in-the-arm for homeowners and predicted that the nation’s house-price growth would now continue into 2015 although the pace of the rises is expected to slow.
“House prices are increasing strongly across most parts of the UK with prices in London again showing the highest growth,” said the Office for National Statistics. The report suggested that rises across the country in the 12 months up until June were so far showing no signs of reversing although they slowed, with an increase of just 0.5 per cent between May and June.
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