UK Property Prices Rise By 5.5%

This article by Natasha Al-Atassi of Select Property on August 22, 2013 reveals that properties in the UK rose in price by 5.5% between August 2012 and August 2013 according to Rightmove.

Summary:

• House prices in the UK are £249,199 on average
• This is an increase of 5.5% in August 2012
• London saw the greatest price increase, rising 10.2% in the 12 months

Property values in the UK have risen by 5.5% over the last year, according to recent figures from Rightmove.

In the property search website’s latest House Price Index, it revealed average property prices rose significantly between August 2012 and August 2013, taking the typical asking price to £249,199.

According to figures, the average cost of a detached home in the UK is £364,254, up by 4.2% year-on-year, and semi-detached properties are typically £204,392, an increase of 3.8% over the 12 months.

Rightmove also reported terraces rose in value by 4.4%, taking them to £188,445, while apartments average £209,652, an increase of 5.9% over the year.

The area of the country with the most expensive average prices is London, which saw prices grow by 10.2% over the year to £501,067.

Comparatively, costs in the north were the cheapest in the UK with values averaging £149,362 in August, a rise of 0.8% over the year, followed by Yorkshire and Humberside’s low prices at £154,237, and the north-west at £164,503.

These results come after Knight Frank and Markit’s released findings that showed 18% of British homeowners believe their property increased in value in July, which is the fifth consecutive month households have thought real estate values in the UK are on the rise.

Article Source:  http://www.selectproperty.com/2013/08/rightmove-uk-property-prices-rise-by-5-5/