Average House Price in the UK
The most recent figures from Hometrack on UK house costs found that the average cost in the UK became 4.3% in the three months before July, which speaks of the most elevated quarterly development since 2004. The leading property market reports estimate a 10% development since 2015.
Lodging shortage in the UK is a political and monetary problem, with house value rising not just due to the lack of new homes on property listings.
Countrywide reported that UK rental costs extended in July to an average of £937. London had the quickest ascent in rental costs going up by 6.8%, or £2,583 monthly.
Adding to London's cost burden is that even a one-room home across 18 London wards was leased for more than £1,000 per month, ascertaining London as one of the world's most costly urban communities.
On the tenth of September, figures from Halifax proclaimed that UK house costs are growing above the average by 2.7% higher than the earlier month. Halifax (the biggest supplier of private home loans) argued that the increase in UK wages was one of the factors supporting growth in certain markets.
In addition, the current market offers multiple options in low-rate home loans despite a lack of affordable homes. As a result, house value escalated in every one of the past seven months to 50% since 2014.
Source: Crowngate International