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UK house price inflation ticks up, says ONS UK house price inflation ticks up, says ONS
(about 5 hours later)
Annual UK house price inflation picked up slightly to 5.7% in the year to June, official figures show.Annual UK house price inflation picked up slightly to 5.7% in the year to June, official figures show.
The rate was a small increase on May's figure of 5.6%. The Office for National Statistics (ONS) said that prices went up in all areas, apart from Scotland.The rate was a small increase on May's figure of 5.6%. The Office for National Statistics (ONS) said that prices went up in all areas, apart from Scotland.
The rise is against the longer-term trend, which has seen house price inflation gradually falling since it peaked at 12% last September.The rise is against the longer-term trend, which has seen house price inflation gradually falling since it peaked at 12% last September.
The average price for a house or flat rose to a record high of £277,000. However, Land Registry data suggested slowing prices in England and Wales.
The ONS figures showed that across the UK, annual house price inflation varied widely in June: Weak supply
According to the ONS, the average price for a house or flat rose to a record high of £277,000 in June.
Yet its figures indicated that across the UK, annual house price inflation varied widely:
One reason for the continuing rise in prices was strong demand coupled with weak supply, the ONS said.One reason for the continuing rise in prices was strong demand coupled with weak supply, the ONS said.
That was particularly true in Northern Ireland, where prices are still well below the pre-downturn peak in 2007.That was particularly true in Northern Ireland, where prices are still well below the pre-downturn peak in 2007.
Earlier this week the ONS reported that house building across the UK rose by 4.6% over the last year, the lowest annual growth rate since March 2013.Earlier this week the ONS reported that house building across the UK rose by 4.6% over the last year, the lowest annual growth rate since March 2013.
Housing charity Shelter said the figures showed that the average price of a property had risen by £12,000 in the past year, pricing even more people out of the market. Land Registry
Separately, the Land Registry reported that property prices in England and Wales rose by 4.6% in the year to July, down from 5.4% in June.
But measured on a monthly basis, it said prices rose by 1.7%, one of the fastest increases since 2004.
Its figures include cash sales, which make up roughly a third of the market. Further details will be published later in the month.
Housing charity Shelter said the ONS figures showed that the average price of a property had risen by £12,000 in the past year, pricing even more people out of the market.
It appealed to the government to build more homes.It appealed to the government to build more homes.
Last week, the Royal Institution of Chartered Surveyors (Rics) reported that the number of homes for sale had sunk to a record low.Last week, the Royal Institution of Chartered Surveyors (Rics) reported that the number of homes for sale had sunk to a record low.
The accountancy firm PwC said many more people would be forced to rent, rather than buy, their homes in the years ahead.The accountancy firm PwC said many more people would be forced to rent, rather than buy, their homes in the years ahead.
"By 2025 there will be more private renters than people owning a home with a mortgage, " said Richard Snook, senior economist with PwC."By 2025 there will be more private renters than people owning a home with a mortgage, " said Richard Snook, senior economist with PwC.
"Today's figures show that house prices are growing at more than twice the rate of average earnings, further squeezing affordability for buyers.""Today's figures show that house prices are growing at more than twice the rate of average earnings, further squeezing affordability for buyers."