You are here: Home - Uncategorized -

Average house price now ‘almost £200,000’

0
Written by:
16/01/2007

The Department for Communities and Local Government (DCLG) has said that house prices in the UK accelerated significantly at the end of last year and now stand at an average of almost £200,000.

It said that average prices were rising by 8.9% in November, up from 8.6% in October, taking the average price for homebuyers wishing to make a saving and investment in property to £199,467.

Property prices have risen fastest in Northern Ireland, where they rose 36.6% in the 12 months to November 2006.

The speed up in house prices means that the value of the UK’s housing stock has risen to £3.8 trillion according to Halifax, meaning that the total stock of residential property rose by 12% over the year.

The figures mean that the value of homes in the UK is 3.5 times more than the mortgages outstanding on them, as people continue to make a massive saving and investment in property.

Many observers of the market believe the strength and economic resilience of the housing market were prime factors behind last week’s decision to raise the Bank Rate. If house prices continue to rise, many believe that interest rates will go up again to follow them.

 

Related Posts

Tagged:

Tag Box

Debt

Pension

Spending

Financial fitness

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Are you a first-time buyer looking for a mortgage?

Look no further, get the help you need by searching for your perfect mortgage

Five ways to get on the property ladder without the Bank of Mum and Dad

A report suggests the Bank of Mum and Dad is running low on funds. Fortunately, there are other options for st...

The essential Your Money guide to the April 2018 tax changes

As we head into the 2018/19 tax year, a number of key changes take place to existing policies while some new i...

A guide to switching energy provider

All you need to know about switching from one energy supplier to another.

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Having a baby and your finances: seven top tips

We’re guessing the Duchess of Cambridge won’t be fretting about maternity pay or whether she’ll still be...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

YourMoney.com Awards 2018

Now in their 21st year, our awards recognise the companies offering the best products and services to consumers

Money Tips of the Week

Read previous post:
Phone firm 3 means phone home cheap

Mobile company 3 has abolished ‘roaming’ charges for its UK customers in seven countries across the world, including Australia, Republic...

Close