New figures have shown The Buy2Let Shop that average UK house prices rose in the year to August 2015.
UK House Prices
As recently reported by The Buy2Let Shop, the buy-to-let market is now worth £112bn a year for landlords. That’s £67.2bn in capital gains, and £44.3bn from rent in the year to March 2015, an increase of £5.8bn from the same period last year.
House prices are up 5.2% in the year to August, according to the latest House Price Index, which is published by the Office for National Statistics every month.
Inflation was the highest in England, rising 5.6%, with 0.8% growth in Wales, 2.9% in Northern Ireland and -0.9% in Scotland. Houses in the East rose by 8.8% year-on-year, whilst it rose by 7.4% in the south east of England. Both London and the south east, saw UK house prices rise by 0.7%.
Empty rental properties are filling up quicker in the market as void periods fall to a historic low, as reported by The Buy-2-Let Shop last week.
Howard Archer, chief UK and European economist for IHS Global Insight, said that a limited choice of properties for sale for buyers to choose from is “clearly exerting upward pressure on house prices”.
He said: “We expect house prices to see solid increases over the coming months amid firm activity. We expect house prices to rise 7% in 2015 and then by 6% in 2016.”
The Buy2Let Shop
Buy2Let Shop are the UKs leading estate agent for investment grade property and along with our sister company “The Buy2Live Shop” we offer professional and friendly services to vendors looking to sell their home to investors looking to build their portfolio.
Through our national advertising campaigns and huge network of contacts, we connect buyers with sellers and unlike most high street estate agents, we not only have a large number of listed buyers looking for find their dream home, we also have a database of retained investors, with proof of funds and finance in place.