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House prices climb 8% amid further calls for increased supply

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  • 14/06/2016
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House prices climb 8% amid further calls for increased supply
UK property prices jumped by 8% in the year to April, the latest house price index from the Office for National Statistics (ONS) has revealed.

The data also showed a monthly jump of 0.6%, taking the average property value in the UK to £209,054 in April.

In England alone, house prices rose 9% on an annual basis in April and 0.7% month-on-month, taking the average property value to £224,731.

Wales experienced an annual price increase of 1.7% and fell between March and April by 1.9%, with the average property value now reaching £139,385.

Ian Thomas, co-founder and director of LendInvest, said that without fundamental changes to the supply issue in the UK housing market, further price rises are inevitable.

“All of the talk about the Brexit vote and the uncertainty it brings to the property market has merit,” he said.

“But whatever the result, the drastic undersupply of homes will mean that house prices continue to rise, and home ownership moves further and further away from aspiring homeowners.”

Unsurprisingly, house prices in the capital saw the greatest increase in the last 12 months, up by 14.5%, taking the average London property value to £470,025.

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