Property prices in the UK have increased to an average price of over £208,000 leaping by 9.5% year-on-year, the highest yearly growth since 2006.
- The average UK property price has increased to over £200,000, a 9.5% increase on last year
- The average price increase is the biggest since 2006, where property values rose by 9.9%
- There are currently 10 buyers for every property in the UK
The average price of a property in the UK soared to a record £208,000 after prices jumped 9.5% in 2015.
The upwards pressure on prices came due to the ongoing and growing gap between supply and demand, according to the report by Halifax, which saw prices leap by 1.7% in December alone.
Prices in 2015 rose by almost 10% compared to 2014, raising the average property value to £208,286, with the stock of available property falling to a new record low for the eighth month in a row.
Martin Ellis, a Halifax Economist, said: “There remains 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 price.”
The value increase experienced in 2015 was much greater than what experts predicted at the start of the year, with a year-on-year increase projected to be around 4%. The last time UK house prices increased by such a figure was in 2006, where property values rose by 9.9%.
Low interest rates have kept buyer confidence high and estate agents have reported a 20% interest increase in January, with an average 10 buyers per property.