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Homeowners enjoy £15K rise in property values

Homeowners enjoy £15K rise in property values

Category: Economy

Updated: 14/04/2010
First Published: 14/04/2010

This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.
Homeowners in the UK have seen the value of their property rise by almost £15K over the past 12 months, the latest government data has revealed.

UK house prices were 7.4% higher in February than a year earlier, according to the Department of Communities and Local Government (DCLG).

As a result, the average price achieved on sale of a property had increased to £204,359, a rise of £14,612 compared with February 2009.

Prices in England increased by an average of 7.9% over the year, in Scotland by 4.2% and in Wales by 4.7%. In Northern Ireland, a fall of 8.3% was recorded.

While good news for those already on the property ladder, first time buyers have seen the price of homes they are buying increase faster than the rest of the market.

The average price paid by first time buyers was 9.3% higher than a year ago, while those paid by former owner occupiers was just 6.6% higher.

Despite the annual rise in prices, the February figure was 0.1% down on that seen in January.

However, research released last week regarding the month of March suggested this should be a temporary blip in the recent housing market recovery.

According to Acadametrics, the average price of home sales completed in England and Wales last month was 1.1% higher than in February, the eleventh month in a row the index had increased on a monthly basis.

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