SALES NEWS: South west house prices up 7.5 per cent in a year
The latest official government house price index has revealed that average values in the UK increased 7.7 per cent in the past year.
According to the report, from the Office for National Statistics, the average UK home now costs £218,000 – that’s £16,000 more than a year ago.
The market in the south west region closely mirrors the national picture. Prices here have risen 7.5 per cent over the past year, and a typical home now costs £241,262.
As always, however, these prices are merely averages collected over a large mix of different cities, towns, villages and country areas: estate agents working on the ground have the best knowledge of market conditions for individuals considering selling or buying.
Meanwhile, separate government figures show a dramatic one-third slump in house sales in the month after the EU referendum; since then, however, the market has recovered fully, with prices and transactions in line with long-term trends for autumn housing activity.