House Prices Still Rising

House Prices Still Rising.

The Office for National Statistics (ONS) has released figures confirming that property prices are still rising, further backing results from property indices run by Nationwide, Halifax and results from the Royal Institute of Chartered Surveyors.

ONS figures that property prices in London have continued to lead the way with prices up over 13% on the year to January 2014.

Overall, the UK average was 6.8% for the year with fast growth rates in England at over 7% but Scotland and Northern Ireland are still lagging behind with 1-3% depending upon the region.

Comment

As expected, the property recovery continues.  House price stimulus is being driven by a growing economy, increased consumer and mortgage lender confidence as well as the government’s Help to Buy scheme.

The property bubble is coming, prices, we suspect will continue to recover and rise for at least another year.