UK house prices jump £5,000 in a month


The cost of a typical UK home rocketed by £5,000 in just one month to hit £282,000 in July, official data has found.

The sharp rise represents the biggest monthly hike seen for a year, buoyed by a continued lack of housing supply and extremely cheap mortgage deals.

It is worth noting that prices have increased at a more moderate pace when viewed over 12 months, which is seen as a more reliable indicator of price trends.

Over this time scale prices jumped around £10,000 or 5.2% across the UK, according to the Office for National Statistics (ONS).

Looking at a nation by nation basis, prices in Northern Ireland saw the sharpest increase of 7.4% to stand at £154,000. English homes were up 5.6% £295,000, while in Wales property prices were broadly flat (0.3%) at £173,000.

Scotland was the only nation to see prices fall, down 1.3% to £196,000.

The ONS also offered a regional breakdown for England. London was unsurprisingly the most expensive with house prices rising to an eye-watering £525,000.

Interestingly, the annual percentage rise of 5.5% is actually lower than in the East (8.3%) and South East (6.7%), indicating the boom is by no means restricted to the capital.

Campbell Robb, chief executive of charity Shelter said such sharp hikes have left many families unable to afford a home.

"Not addressing our dramatic shortage of homes is pushing house prices higher and higher, and a stable home further out of reach for millions of young people and families.

"Instead they're trapped in expensive and insecure private renting, or stuck in childhood bedrooms.

Below is a full regional breakdown of prices, with the percentage increase in brackets:

:: N Ireland: £154,000 (+7.4%)

:: NE England: £156,000 (-0.7%)

:: Wales: £173,000 (+0.3%)

:: NW England: £182,000 (+3.7%)

:: Yorks/Humber: £183,000 (+4.7%)

:: Scotland: £196,000 (-1.3%)

:: E Midlands: £197,000 (+5.0%)

:: W Midlands: £208,000 (+4.9%)

:: SW England: £255,000 (+4.2%)

:: UK-wide average: £282,000 (+5.2%)

:: Eastern England: £302,000 (+8.3%)

:: SE England: £354,000 (+6.7%)

:: London: £525,000 (+5.5%)