Once again, the housing market has shown strong, positive growth signs, with the average UK house prices increasing by a further 7.9% in the 12 months building up to this January, signalling a notable increase on the 12 months up to last December, recorded at 6.7%. Additionally, in the index provided by the Office of National Statistics, it has also been shown that prices actually increased by some 8.6% in England, in Scotland 0.1%, 0.8% in Northern Ireland and a fall of 0.3% in Wales.
With the average house price rising to circa £292,000, it is clear that the demand of housing, and also the investment potential within housing is still on the rise as we slowly break out of the recessionary periods. As to the pockets of England in which the growth has been most evident, a yearly increase of approximately 11.7% has been seen in the South East, with growth of approximately 10.8% in London and 9.8% in the East of England.
Excluding the hotspots of London and the South East however, the average rise in prices has still been cited as 5.1% in the 12 months up to January, with an actual increase of approximately 0.9% between December and January – a notable increase in what is considered to be a relatively small period of time.
Whilst the figures, as aforementioned due signal a very strongly performing housing market as a whole, industry experts have highlighted the density of change seen in certain geographic pockets; in effect ,this meaning that, whilst progress is being seen in the housing market, the degree reported may show slightly skewed figures from what can Is represented in many geographic areas around the UK.
Most specifically, the lack of geographic spread in progress can be seen most aptly in the areas of Wales, Scotland and Northern Ireland where, while certainly not performing altogether badly, have not shown a great deal of progress or change as a whole.