The average UK house price in December 2016 was £220,000 which is a 7% increase from the same period in 2015.
London unsurprisingly continues to see the highest house prices at £484,000 closely followed by the South East and East of England – a region which also saw the highest annual growth of 11.3%.
Jeremy Duncombe, director, Legal & General Mortgage Club, said: “Whereas traditionally the last month of the year would see a fall in activity as buyers focus on the festivities, today’s statistics confirm that demand held strong in December ... With mortgage providers continuing to keep rates low, this is a trend that will likely continue in 2017, particularly as the Government’s measures on housing will take time to affect the market"
Simon Checkley, managing director at Private Finance stated "Buyer demand has remained strong despite annual house price growth of just over 7%, with low mortgage rates helping to maintain affordability."
Reference: Nangle, J. 2017. Mortgage Introducer, House prices increased by almost 10% in 2016.