Join us for FREE and access exclusive investments and property investment resources
Join IPIN here
Access exclusive opportunities that are only available to IPIN Members
Find out more
We never share your data with any third parties.
*Note: IPIN investment opportunities are available subject
to location and certain knowledge / experience criteria.
Bank of England
Office for National Statistics
Council of Mortgage Lenders
House Price Index
House prices in the UK have now hit a record high, according to figures from the Office for National statistics. In August, the House Price Index surpassed its previous January 2008 peak by 0.3 per cent. Property values increased by 3.8 per cent during the year, up from a 3.3 per cent rise in the 12 months to July 2013.However, perhaps slightly silencing fears of a price bubble, growth remained stable across most of Britain. Nevertheless, London prices increased faster than the UK average at 8.7 per cent and with supply continuing to be tight, it is proving hard to keep a cap on values in the city. When the capital and the south-east is removed from the equation, prices increased by 2.1 per cent in the 12 months to August 2013 across the UK. Including these two areas, England saw 4.1 per cent growth, Wales experienced a one per cent rise, while Scotland endured a 0.7 per cent fall.Regionally, the East Midlands and the West Midlands enjoyed a strong August, with values increasing 3.8 per cent and 3.5 per cent respectively. Even the north-east and Yorkshire and the Humber, which suffered significantly during the financial crisis, posted growth of 2.2 per cent and 0.6 per cent. August also saw prices paid by first-time buyers increase by 4.9 per cent year-on-year, while owner-occupiers witnessed 3.3 per cent price gains over the same period.The figures add validation to claims that the UK property market is undergoing a healthy recovery. According to the Council of Mortgage Lenders, Britain is indeed experiencing "broad based" growth. In fact, gross mortgage lending was also stable in August at an estimated GBP 16.6 billion. This 28 per cent higher than August 2012 when GBP 13 billion was recorded.Bob Pannell, CML chief economist, said: "We attribute much of this turnaround to the improvement in funding markets generally, and also to the Funding for Lending Scheme. The Bank of England's approvals data suggests that the positive tone for house purchase and remortgage lending will continue."
Subscribe to IPIN Live by Email - Get our News & Blog updates delivered directly to your inbox - click here
Visit Our Investment Terms Glossary
*This page is provided for information purposes only and should not be construed as offering advice. IPIN is not licensed to give financial advice and all information provided by IPIN regarding real estate should never be treated as specific advice or regulations. This is standard practice with property investment companies as the purchase of property as an investment is not regulated by the UK or other Financial Services Authorities.