North West is Property Hotspot, New Figures Show

The average property price increased 5.4 per cent in the year to September, official figures have revealed.

It means the average UK property is now worth £226,000, some £11,000 more than a year earlier, defying some expert predictions of prices reversing after years of growth.

The data also revealed that the North West has become a new property hotspot, showing the highest annual percentage rise of 7.3 per cent over the past year.

Meanwhile, London posted the lowest annual growth where prices increased by 2.5 per cent over the year.

Jeremy Duncombe, director of Legal & General Mortgage Club, said:

"Limited stock and high demand continues to drive annual house price growth, and it's only making homeownership a more exclusive club.

"With house prices estimated at 7.6 times the average annual salary, for the majority of would-be first-time buyers the prospect of affording their own home is not a near possibility, leaving them forced to rent for longer to save a deposit.

"With housing set to be a key area for the Budget, we hope to see a real push from the Government to address the chronic issues in the market."

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