Jardine & Co logo

House prices rise as mortgage approvals for purchase notch up

Search for properties

To buy or to rent?

Property type

Minimum price

Maximum price

Minimum bedrooms

Wed 14 Oct 2015

House prices rise as mortgage approvals for purchase notch up

In a rash of new housing information yesterday, the Office for National Statistics said property prices across the UK are 5.2% up on a year ago.

The ONS said that the average house price, £298,000, is at an all-time high across England.

However house prices have dipped in Scotland, to £198,000, and in Wales, to £174,000.

In Northern Ireland, house prices are still 43% below their 2007 peak, reaching £151,000 in August after rising 2.9% over the last year.

According to the ONS, the typical UK first-time buyer pays £215,000 for a starter home.

That price is above the Land Registry’s overall average price for all types of buyers – pinpointing yet again the extraordinary gulf in the Government’s two official house price indices.

Separately, it has been reported here were 27,500 loans to first-time buyers in August.

While the figure was down 10.4% from July, it was up 1.9% on August last year.

There were a further 34,800 loans for house purchase to home movers, down 8.4$ on a monthly basis, but up 1.2% annually.

Buy-to-let loans for house purchase numbered 10,500 ­ – again a monthly drop (of 11%) but up annually (by 26.5%).

The figures are from the Council of Mortgage Lenders.