New data this week has shown that annual house prices have risen by 8.2%, which has now taken the average property value in the UK to £209,054.
The data from the Land Registry refers to house prices in April – In England it reveals that there was an increase of 9.1% that means that the average house price is now £224,731, with house prices since March 2016 increasing by 0.7%.
House price data for London showed a price increase of 14.5%, taking the average property value to £470,025, where monthly house prices increased by 0.6% since March 2016. London has experienced the most growth.
At the beginning of this year there was a surge in sales, which was expected due to the stamp duty surcharge deadline at the beginning of April.
This new house price index includes data from first time buyers and new build homes, developed by the Land Registry, the Office for National Statistics, Registers of Scotland, Land & Property Services Northern Ireland and the Valuations Office Agency. It’s the first time that data has been compiled like this has caused concern that this could be the start of a process of council tax revaluation. This new information will make it possible to revaluate properties with ease, which could potentially make it much easier for local authorities to reassess council tax charges. Cash strapped councils could use this as a way of getting in desperately needed income.
Source: Estate Agency Today