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.