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UK house prices 'rise 9.9% in a year' | UK house prices 'rise 9.9% in a year' |
(36 minutes later) | |
House price increases accelerated in April, rising by 9.9% compared with the same month a year ago, according to official figures. | House price increases accelerated in April, rising by 9.9% compared with the same month a year ago, according to official figures. |
The typical price of £260,000 grew at the fastest rate for nearly four years. | The typical price of £260,000 grew at the fastest rate for nearly four years. |
The Office for National Statistics (ONS) said prices rose strongly across the UK, with Wales, Scotland and Northern Ireland all picking up pace. | The Office for National Statistics (ONS) said prices rose strongly across the UK, with Wales, Scotland and Northern Ireland all picking up pace. |
London, where prices were were up 18.7%, remains the driving force behind the housing revival. | London, where prices were were up 18.7%, remains the driving force behind the housing revival. |
But excluding London and the South East of England, the cost of a home was still 6.3% higher than 12 months before. | But excluding London and the South East of England, the cost of a home was still 6.3% higher than 12 months before. |
Other surveys | Other surveys |
In March, the ONS calculated that the annual rate of increase had fallen back slightly to 8%, so the April figures shows the market accelerating once again. | In March, the ONS calculated that the annual rate of increase had fallen back slightly to 8%, so the April figures shows the market accelerating once again. |
April house price inflation was 10.4% in England, 3.3% in Wales, 4.8% in Scotland and 2.6% in Northern Ireland - all higher than the previous month. | April house price inflation was 10.4% in England, 3.3% in Wales, 4.8% in Scotland and 2.6% in Northern Ireland - all higher than the previous month. |
'Trapped' | |
First-time buyers continue to experience more rapid price increases than people moving house. | First-time buyers continue to experience more rapid price increases than people moving house. |
Campbell Robb, the chief executive of Shelter, said: "Each rise in prices means more people stuck living in their childhood bedrooms, or trapped in the cycle of moving from one expensive rented home to the next. | |
"This is a problem that the government can fix. We need a new generation of quality part-buy, part-rent homes, and to make sure that small builders can get hold of the land and finance necessary to build them. | |
The ONS reports its figures a month later than other organisations, though the calculation is based on the widest sample of mortgages. | The ONS reports its figures a month later than other organisations, though the calculation is based on the widest sample of mortgages. |
The Halifax has already estimated May's year-on-year increase at 8.7%. | The Halifax has already estimated May's year-on-year increase at 8.7%. |
The Nationwide building society said May saw an annual rise of more than 11%, although it suggested that the market might be coming off the boil. | The Nationwide building society said May saw an annual rise of more than 11%, although it suggested that the market might be coming off the boil. |
Last week, Chancellor George Osborne announced plans to give the Bank of England the power to impose a cap on home loans related to income or the value of the house. | Last week, Chancellor George Osborne announced plans to give the Bank of England the power to impose a cap on home loans related to income or the value of the house. |
At present, the Bank can advise on such a cap, but not impose it. The new power should be in place before the end of this Parliament in 2015, the chancellor said. | At present, the Bank can advise on such a cap, but not impose it. The new power should be in place before the end of this Parliament in 2015, the chancellor said. |