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UK sees a £15,000 rise in property prices

UK house prices have risen by an average of up to £15,000 according to a new report.

UK Housing Market Investment

UK house prices have risen by an average of up to £15,000 according to a new report.

The new data, from property website Zoopla, says that Britain has seen the average property value increase by £15,000 over the past twelve months, with the average London property increasing by £81,000.

The figures are the first to offer an insight into house price growth for 2014, with price analysts stating that the national average rose by 6%, bringing the average house price to £268,895 and prices in the capital increasing by 15.6% to a £603,724 average.

Regionally, the spread of growth varied, with the South East experiencing a 9.4% growth, with the average property price now standing at £346,409, second only to London. Yorkshire and the Humber experienced a slight dip in prices for the second year in a row, shedding £2,443 on average.

The peak of the increase came in the first half of 2014 according to the data, with the highest demand occurring within the first 6 months of the year. The figures show a decrease in buyer attention from June onwards, with growth falling to 1.4% on average since.

This slowdown in the market has been corroborated by a range of other reports in recent weeks, as the British Banker’s Association announced that mortgage approvals for house purchases fell for the fifth consecutive month. Whilst the Royal Institution of Chartered Surveyors reported a fifth consecutive fall in enquiries from potential buyers and a fourth consecutive drop in agreed sales.

Whilst 2014 saw a significant increase in its early month, 2015 is expected to continue the trend of a cooling market, with the new mortgage affordability rules and the prospect of a rise in the interest rates all factors in a potential market slowdown.

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