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| Average UK house price hits £250,000, ONS says | Average UK house price hits £250,000, ONS says |
| (35 minutes later) | |
| The average price of a house across the UK has hit £250,000 for the first time, according to official figures. | The average price of a house across the UK has hit £250,000 for the first time, according to official figures. |
| The Office for National Statistics (ONS) said the figure was reached at the end of 2013. | The Office for National Statistics (ONS) said the figure was reached at the end of 2013. |
| The news suggests that tens of thousands more buyers will be paying stamp duty at the 3% rate, which starts at the £250,000 threshold. | The news suggests that tens of thousands more buyers will be paying stamp duty at the 3% rate, which starts at the £250,000 threshold. |
| However other measures, such as those produced by the Halifax and the Nationwide, suggest prices are lower. | However other measures, such as those produced by the Halifax and the Nationwide, suggest prices are lower. |
| Their latest price indices put average prices at about £175,000. | Their latest price indices put average prices at about £175,000. |
| Overall, the ONS said, house prices were now 1.6% higher than in the pre-financial crisis peak in January 2008. | Overall, the ONS said, house prices were now 1.6% higher than in the pre-financial crisis peak in January 2008. |
| Its figures, based on the number of mortgage completions, show that house price inflation in 2013 was 5.5%. | Its figures, based on the number of mortgage completions, show that house price inflation in 2013 was 5.5%. |
| The Nationwide has estimated that prices rose by 8.4% last year. | The Nationwide has estimated that prices rose by 8.4% last year. |
| Howard Archer, chief UK economist at IHS Global Insight, said the figures would "maintain concern that a housing bubble could really develop in 2014". | Howard Archer, chief UK economist at IHS Global Insight, said the figures would "maintain concern that a housing bubble could really develop in 2014". |
| He is forecasting that house prices will rise by 8% across the UK in 2014. | |
| 'Distant dream' | 'Distant dream' |
| But the figures vary wildly across the UK. | But the figures vary wildly across the UK. |
| The ONS said house prices in Scotland were only growing at an annual rate of 0.5%, well below the current CPI inflation rate of 1.9%. | The ONS said house prices in Scotland were only growing at an annual rate of 0.5%, well below the current CPI inflation rate of 1.9%. |
| However, Wales and Northern Ireland saw significant rises in 2013. | |
| In both regions, house values rose by 4.8%. | |
| Prices in England went up by 5.7%, while prices in London grew by twice that rate, at 12.3%. | Prices in England went up by 5.7%, while prices in London grew by twice that rate, at 12.3%. |
| The campaign group Shelter said the news was further evidence of prices spiralling out of control. | The campaign group Shelter said the news was further evidence of prices spiralling out of control. |
| "Until we build enough homes to keep house prices stable, more young people and families desperate to put down roots will see a home of their own become a distant dream," said Shelter's chief executive, Campbell Robb. | "Until we build enough homes to keep house prices stable, more young people and families desperate to put down roots will see a home of their own become a distant dream," said Shelter's chief executive, Campbell Robb. |
| "Schemes like Help to Buy are only making the problem worse by inflating house prices further," he said. | "Schemes like Help to Buy are only making the problem worse by inflating house prices further," he said. |
| The charity wants to see more homes built, which it says will make prices more affordable. | The charity wants to see more homes built, which it says will make prices more affordable. |
| Earlier this month, the Institute for Fiscal Studies (IFS) said "real" house prices - ie, prices after taking account of inflation - had seen modest rises. | |
| On that basis, the IFS said UK prices were still 25% below their peak in 2007. |