Bristol Post: House prices reach record high with average price in Bristol now at 234,200
Wed 18 Feb 2015
House prices in the south west and other regions outside London are now at record highs, according to property
The Office for National Statistics says the average UK house price reached 272,000 in December, which is
2,000 less than at its peak last summer but 1,000 more than the previous month.
This compares with an average house price in Bristol of 234,200, according to Right Move.
The majority of sales in Bristol during the last year were terraced properties, selling for an average price of
223,790. Flats sold for an average of 186,169, with semi-detached properties fetching 253,174.
Right Move says overall sold prices in Bristol during the last year were eight per cent up on the previous year and
11 per cent up on the 2012 level of 210,115.
These Bristol figures compare with London prices which almost doubled at 502,000, although this is also some
way off its record high of 514,000 last August.
While prices in the capital rose by 13 per cent in the last 12 months, this is a much slower than last summer when
annual house price inflation hit 20 per cent.
Campbell Robb, of housing charity Shelter, described the house price rises as yet another blow for millions of
people "with barely a hope of getting on the housing ladder".
Peter Rollings, of estate agent Marsh & Parsons, told the Mail Online: "Property price growth enjoyed a
rollercoaster ride in 2014, and while the market has slowed down somewhat from the steep accelerations of the
summer, it is still firmly on track and pressing forward in a steadier fashion.
"In London, where price inflation was pushed higher and higher during the past year due to an imbalance of
supply and demand, growth is still elevated above other regions, but normality is resuming."
Housing Minister Brandon Lewis said the Government had pledged to build more homes in a bid to ease house
prices and "help people who work hard and want to get on the property ladder to do so".
Record low interest rates have helped some buyers to purchase their first home, with "mortgage wars" breaking
out among the major High Street lenders in recent weeks.
Separate figures released yesterday the number of mortgages given to first-time buyers reached a seven-year
high last year.
More than 300,000 mortgages worth 45billion were handed out to first-time buyers in 2014, marking a 15 per
cent rise on the previous year, the Council of Mortgage Lenders said.
This was despite the introduction of tough new restrictions last year which forced lenders to ask probing questions
to applicants to ensure they could afford their repayments in the event of a significant rise in interest rates.
In 2007, the average age of someone buying their first home was 29 years old, but for the last couple of years the
average first-time buyer has been 30, the CML said.
Paul Smee, director general of the CML, said the industry is "stronger than a year ago".
He said: "Improving economic conditions, boosted by Government schemes like Help To Buy, saw the highest
amount of first-time buyers purchase their first home for seven years."
Help to Buy is a Government-backed scheme which allows buyers to purchase a home with a small deposit of as
little as five per cent.