Liquid error: wrong number of arguments (2 for 1) December rise sees average UK house price hit 250,000 | Marsh & Parsons Sales and Lettings Estate Agents London

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December rise sees average UK house price hit 250,000

Tue 18 Feb 2014

December rise sees average UK house price hit 250,000

The average cost of a home in the UK has hit 250,000, following a 5.5% price rise in December, the latest figures from the Office of National Statistics have revealed.

At 5.6% England saw the greatest, followed by 4.8% in both Wales and Northern Ireland, and 0.5% in Scotland.

England is the only part of the UK where property prices are now higher than the pre-financial crisis peak of January 2008.

Though good news for homeowners, the price rise spells more gloom for first time buyers struggling to get onto the housing ladder.

Earlier this month, research revealed that 4.1 million British adults have given up on the idea of ever owning their own home, with the average cost of a house for first time buyers having increased by 480% over the past 30 years.

Adam Morton, policy leader at the National Housing Federation, said: "These figures are another reminder that home ownership is moving beyond the reach of more and more people across England. With house prices and rents continuing to rise, many families are finding it increasingly difficult to get on the housing ladder.

"Quite simply, we are not building enough homes to keep up with demand. We need to build more of the right homes in the right places for the right prices. We need measures that directly increase supply as well as stimulate demand, and a longer-term strategy that finds other ways to deliver homes. It's time for us all politicians, industry and local people to say yes to homes."

Among those celebrating the price increase was Peter Rollings, CEO of estate agents Marsh & Parsons. He said: "Like chinks of sunlight, house price growth is breaking out across the whole country; however the picture remains gloomier in Scotland and Wales where property prices are yet to surpass the pre-financial crisis peak of January 2008.

"The London property market is burning the brightest, with a 12.3% annual house price increase in the capital hugely eclipsing the rate of growth witnessed elsehwere in the UK. In Prime London, the growthis even higher we saw the average value of two-bedroom properties rise by nearly 200,000 during 2013, following a 17% annual growth."

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