UK house prices increased by nearly £10,000 on average in the last year according to the Office for National Statistics. This means that the average property in the UK in June was £223,257 compared to £214,000 in June 2016. This is fantastic news for property investors.
There have been wide price movements in the UK depending on the region. The biggest price rises have been in the East of England with gains of 7.2%, followed by 7.1% in the Midlands. The North East posted the lowest gains with property up 2.5%. London is starting to run out of steam with prices only increasing by 2.9% and has reported falls throughout the year.
As we all know property prices are forever changing and this year’s star buy might be next year’s dog. Therefore, it is key for you or your clients to do adequate research into any possible property purchase and at UKIPP Ltd we are more than happy to offer any assistance.