Average UK house price 'rose by £18k to £288,000' in 2015


The average price of a home increased by £18,000 during 2015, according to official figures.

In December 2015, the typical UK property was worth £288,000 - up from £270,000 on average in January last year, Office for National Statistics (ONS) figures show. 

House prices increased by 6.7% annually in December, although they dipped slightly by 0.2% month-on-month. 

In England, property prices increased by 7.3% in the year to December, reaching £301,000 on average. House price growth in England was driven by a 9.7% annual price increase in the East, a 9.4% annual price uplift in London and 8.8% year-on-year growth in property values in the South East.

London continues to be the most expensive region for house prices, with the average price of a property at £536,000.

The cheapest region in England for house prices is the North East, where the typical cost of a home is £155,000.

In Wales, house prices increased by 1% annually to reach £175,000 on average. Scotland saw prices dip by 0.2% annually, taking the average value of a home there to £193,000.

In Northern Ireland, house prices increased by 1.5% annually, taking the typical price of a home there to £148,000.

First-time buyers faced paying 6.4% more for a property in December than they would have paid a year earlier. The average price paid for a starter home in December 2015 was £219,000.