UK House Prices Edge Up 6.4 Percent in One Year
(MENAFN) Britain's average house prices saw a 6.4% increase in the year leading up to March 2025, climbing to £271,000 (about $363,950), marking the sharpest annual rise since December 2022, according to official data released Wednesday.
The British House Price Index from the Office for National Statistics (ONS) showed that all four UK nations experienced annual growth, with Northern Ireland leading the charge.
In England, the average house price rose by 6.7% to £296,000 ($396,640), while Wales saw a 3.6% increase, bringing average prices to £208,000 ($278,720). In Scotland, prices grew by 4.6%, reaching £186,000 ($249,240). Northern Ireland saw the largest boost, with prices up 9.5%, reaching £185,000 ($247,900).
Within England, the North East saw the most significant increase, with house prices up 14.3%. London experienced the smallest rise, with a modest 0.8% increase to £552,000 ($740,080).
March also saw a significant uptick in property transactions, with an estimated 177,000 residential sales, more than double the amount from the same month in 2024. This surge was partly driven by buyers rushing to complete deals before changes to Stamp Duty Land Tax came into effect on April 1.
Meanwhile, the average rent paid by British tenants rose by 7.4% in the year leading up to April 2025, slightly lower than the 7.7% increase recorded in March, the ONS reported.
Experts caution that while the housing market remains robust, inflationary pressures and upcoming interest rate decisions could influence demand in the months ahead.
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