The average price of a home in the UK went up £18,000 last year and house price growth slowed, new figures show.
According to the Office for National Statistics, house prices in the UK rose by 6.7% last year, down from 9.8% in 2014.
The average UK house price in December 2015 was £288,000.
On a monthly basis there was a slight dip of 0.2% between November and December.
The largest annual house price increases were in the East (9.7%) followed by London (9.4%) and then the South East (8.8%).
London continued to be the English region with the highest average house price at £536,000. The North East had the lowest average house price at £155,000.
Average house prices in December were £301,000 in England, £175,000 in Wales, £193,000 in Scotland and £148,000 in Northern Ireland.
Paul Smith, CEO of haart estate agents, said the rush to buy property ahead of the stamp duty changes in April was helping to drive price growth.
“As we reach mid-February there is little chance of any investor, especially where the transaction is part of a property chain, being able to complete by April and as a result this market anomaly is tailing away.
“However, we are still seeing healthy levels of activity in the property market, across both sales and lettings. One of the ongoing problems last year was a shortage of homes, coupled with a high appetite for home ownership, but the New Year has brought with it enhanced levels of activity and the volume of properties put up for sale has increased 5% annually”.
Andrew Bridges, managing director of Stirling Ackroyd, said: “London is the undisputed capital of property prices. As values rise, London’s reputation as an international hub remains untarnished. It’s becoming more expensive – but to many it’s still a price worth paying to call the dynamic capital home.
“It’s not the old core of the capital which is seeing a spike in price rises – there’s a new momentum underway in London. And just like in the rest of the country, the east is leading the charge. Over 51% of the capital’s postcode districts already fall into the ‘half a million zone’ as of Q3 2015. So it’s new areas which are breaking into this elite club – Mile End, Peckham and Streatham. In today’s London, price rises are being driven by new powerhouses downriver from the old hubs.”
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The most important fact that no one seems to mention, at the moment , is that house prices are much too high,
what is the point in living with very reduced basic services that affect ordinary peoples lives, this seems to be affecting most counties now, yet houses costing too much is creating an imbalance in society, feeling safe and happy in the places we live in is not to be undervalued. I think that a landlord, who takes money from someone for living in his house, should have a duty of care for the tenants in many ways, so that instead of a landlord doing as little as possible, while maximising his income, as they may never be able to own their own home. It is a very real worry that undesirable landlords will simply just put rents up even more once the increase in stamp duty for second homes comes in. This will not make them more accountable as responsible landlords.