House prices have continued to rise over the past year, with an average of 8.4 per cent across the UK.
Figures released from the Office for National Statistics this morning show that the average UK house price was £219,000 in August 2016 – that's £17,000 higher than in August last year, and £3,000 higher than last month. July's housing index showed an eight per cent rise in house prices year on year.
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England saw prices soar by 9.2 per cent year on year, Wales saw an increase of 2.7 per cent, and Scotland's jumped by 4.3 per cent.
The greatest increases were seen in the east in England, with a 13.3 per cent rise. London's house prices also have jumped by 12.2 per cent since August last year. The north east saw the smallest increase, of just three per cent.
The fastest growing borough is Newham in London, where house prices have shot up by 23.7 per cent. The average house there is now £327,000. Interestingly, prices in the Shetland Islands are also up – by 20.8 per cent.
Top five UK local authority districts by annual growth in the last year:
1. Newham (up 23.7 per cent)
2. South Bucks (up 23.6 per cent)
3. Basildon (up 21.5 per cent)
4. Shetland Islands (up 20.8 per cent)
5. Thurrock (up 20.6 per cent)
Bottom five local authorities by annual growth:
1. City of Aberdeen (down 8.7 per cent)
2. Hartlepool (down 6.7 per cent)
3. Dumfries and Galloway (down 3.2 per cent)
4. Camden (down 2.7 per cent)
5. Gwynedd (down 1.9 per cent)
London continues to be the region with the highest average house price at £489,000, followed by the South East of England, at £318,000. The lowest priced houses are in the North East – an average of £127,000.