British property prices climb by 8% in the space of 1 year

British property prices climb by 8% in the space of 1 year

The price of British property has grown continuously over the last year, new official data has shown, with the early part of 2016 no different to the strength that was experienced in 2015. 

According to data published for January from the Office for National Statistics (ONS), the average price of a house in the UK climbed by as much as 7.9 per cent in the year to the end of January this year, showing impressive growth when compared to the same month a year ago. 

There has also been an impressive change in pace when it comes to the annual rate of growth in the early part of this year; December's prices were just 6.7 per cent higher than the year prior. 

The ONS data shows that the average property in the UK is now worth as much as £292,000, with England once again leading the way when it comes to growth. In England, prices were up by an average of 8.6 per cent in the year to the end of January. 

This was compared to 0.1 per cent in Scotland and 0.8 per cent in Northern Ireland. Wales was the only part of the UK to see any sort of fall, with the average property in the country now 0.3 per cent lower than at the start of 2015. 

In England, the south once again tops the charts for growth, with the south-east having seen prices rise the fastest, coming in at 11.7 per cent. This was followed closely by the capital, with London prices up by 10.8 per cent in the past 12 months. 

Richard Snook, senior economist at PwC, said the first ONS report for the new year shows that the UK is consistently performing, even as we move into another new year. However, he said it was interesting to note the cooling off of prices in other countries aside from England. 

"The recent changes to stamp duty, whereby supplementary rates will be charged on purchases of additional homes, may be providing a small boost to the market, as people rush to complete transactions before the changes come into force in April this year," he added.