House prices lifted by 13.6% in the year to August, valuing the average UK property at £295,903, according to the latest Land Registry House Price Index.

 

Average home prices across the country increased 0.9% over the month from July.

 

In England, house prices rose 1% in the month to August and 14.3% annually taking the average property price to £315,965.

 

While in London, house prices lifted 0.9% in the month to August and rose 8.3% annually taking the average property price to £552,755.

 

In Wales, house prices edged 0.2% higher in the month to August and rose 14.6% over the year taking the average property price to £220,059.

 

Across England, the East Midlands posted the greatest monthly rise with an increase of 2.3%, while the West Midlands saw the lowest monthly price growth, with a fall of 0.2%.

 

The Southwest reported the greatest annual price rise, up by 17%, while the capital’s annual rise of 8.3% was the lowest in England.

 

Value for money

The UK property market without doubt still offers remarkable value for money if you own a property or can afford to buy one.

Anybody who has owned a property in a good area of the UK over the last 10 years would have seen their investment grow substantially. Traditionally the UK property market has always offered good value long-term investment potential and there is no reason to believe this won’t continue.

 

Need some help?

 

If you are thinking of re-mortgaging or want advice on a new mortgage, please do call and one of our fully qualified advisers who will be happy to assist.