Average UK house prices hit £208,000 in 2015

The average UK house price hit £208,000 by the end of 2015, according to data published by Halifax.

According to economists at the bank, house prices in December 2015 were 9.5% higher than twelve months previously.

Quarterly, prices rose 1.6% for the last three months compared with July – September.

Prices also rose month-to-month in December, up 1.7% compared with November.

Halifax’s housing economist, Martin Ellis, said: “House prices in the three months to December were 1.6% higher than in the previous three months.

“This was the second successive month that this measure has been below 2.0%, indicating a possible slight softening in the underlying rate of price growth.

“There remains, however, a substantial gap between demand and supply with the latest figures showing a further decline in the number of properties available for sale.

“This situation is unlikely to change significantly in the short-term, resulting in continuing upward pressure on prices.”

Newham in London recorded the biggest rise in house prices among major UK towns and cities over the past year, according to separate recent research by Halifax. The average house price in the London borough was 22% higher than in the previous year; nearly double the 12% increase in London as a whole.

Those areas that have seen the biggest house price increases over the past year are either in outer London or within close commuting distance of the capital.

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