House prices up 7% to October
UK house prices rose by 7% in the year to October 2015 according to the Office for National Statistics House Price Index.
This marks an increase from September where annual prices rose by 6.1%.
House price inflation reached 10.3% in Northern Ireland and 7.4% in England, while it rose at a more modest 1% in Wales and 0.9% in Scotland.
House prices stood at £300,000 in England, £174,000 in Wales, £196,000 in Scotland and £158,000 in Northern Ireland.
Excluding London and the South East UK house prices increased by 5.6%, demonstrating how the capital city and commuter belts skew the figures.
Paul Smith, chief executive at haart estate agents, said: “Today’s data clearly shows the ripple effect of house price inflation in London, with the East and South East now leading the way in terms of annual growth.
“Four out of nine of the English regions have seen prices reach record levels and this trend of surging prices is set to continue over the next couple of months. Following the Chancellor’s announcement in November we are seeing aspiring Buy-to-let investors flood the market in anticipation of the 3% stamp duty surcharge.
“Our most recent data shows there are currently 12 buyers chasing every new property instruction and I expect this number to increase before the end of the year, creating an even more competitive market.”