UK house prices up 3.4% in June

house building construction site

UK house prices are up again.  The latest figures from the office of national statistics or ONS show house prices continuing to rise.

Average house prices rose 3.4% in the year to June 2020. This is on top of recent increases in previous months.

Average house prices are now;

  • UK overall £238,000
  • England £254,000
  • Wales £168,000
  • Scotland £157,000
  • Northern Ireland £141,000

According to the ONS;

“This increase may partly reflect the unusual conditions in the housing market during the coronavirus (COVID-19) pandemic and movement restrictions put in place from 23 March 2020. People were advised not to move house during the tightest restrictions.

As such, property transactions completed during that time may have been more concentrated than usual among those without complicating factors such as a chain. For example, first-time buyers may have been freer to complete transactions than former owner occupiers, who may have had to co-ordinate multiple sales during lockdown and would also typically be at the lower end of the price scale than former owner occupiers.”

This chart shows average UK house prices back to 2005.

UK house prices from ONS

 

Want to learn more?

You can read the ONS press release here.

Learn more about NewsBrokerUK here.

Graph from the ONS press release.