UK house prices up 7% in October, says ONS

UK house prices rose 7% in the year to October, up from 6.1% in the year to September, according to data from the Office for National Statistics.

Average house prices hit £300,000 in England, £174,000 in Wales, £196,000 in Scotland and £158,000 in Northern Ireland.

House prices in eastern England were up 10.4% in the past year, while south east England saw prices increase 9.5%.

On a seasonally-adjusted basis, average house prices rose by 0.8% between September and October 2015.

Prices paid by first-time buyers were 5.9% higher on average in October than in the same month last year.

“Upwards pressure on house prices may be a result of a shortage of supply and a strengthening of demand in the housing market, a view supported by a number of house market indicators,” said the ONS.

“There continues to be weak supply in the market, with the Bank of England’s Agents’ Summary Conditions for October reporting a shortage of properties available for sale. This suggests the lack of homes available for sale increases competition and supports prices.”