House Prices Rose by 6.9% Average in 2016

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House Prices Rose by 6.9% Average in 2016

The average UK property price increased from £202,66 3to £216,674 in the year to 1 October 2016, a 6.9% increase.

The largest increases in house prices were found in the East of England (12.3%), the South East (9.1%) and London (7.7%). The North East had the smallest increase (2.7%). No regions saw a decrease in house prices.

In2015, the ratio of median house prices to median earnings was7.6, a new high. The ratio of lower-quartile house prices to lower-quartile earnings was 7.0, lower than the peak of 7.2 in 2007.

The UK House Price Index is produced by the Land Registry and the Office for National Statistics. Alternative measures of house prices include indices from Nationwide, Halifax and the Royal Institute of Chartered Surveyors.

 

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