Image: The Daily Mail
Hello and hi. It has been quite some time since I have written about UK house prices. I mean, it is all anyone ever talks about here…oh and we talk a lot about the falling Pound, BREXIT and the fact that mince pies are more expensive than they were last year. All true and all troubling. But today, I will touch upon UK house prices. Ok, let’s do this.
Recent official figures show that house prices contined to rise strongly following the BREXIT vote. Well, of course they did. The Office for National Statistics (ONS) recently indicated that the annual rise in UK property prices accelerated to 8.3% in August. Further, the fastest growth was a 13.3% rise in the East of England, followed by rises of 12.2% in the South East of England and 12.1% in London-as reported by the BBC.
In addition, the gap in prices between regions is widening, according to the ONS. The most expensive homes were found in the borough of Kensington and Chelsea, where the cost of the average house was £1.3m. Insane. I was actually in Chelsea the other week and I was checking out the houses. They were beautiful and bold in equal measure. I was staring so hard that the resident/owners, probably thought I was thinking about robbing them. I was not. I was just curious. Yes. Yes, I was. In brief, the houses in that part of London were pretty amazing. Pictured below is a typical house in Chelsea.
Houses up north are considerably cheaper. In fact, the cheapest areas to purchase a property were Burnley (a market town in Lancashire) and Blaenau Gwent (South Wales), where an average house costs £77,000. Some would argue that that price is pretty affordable…for a house. Also, the picture below shows the discrepancy in prices-between north and south.
So there you have it. Where can you afford to live, if you lived in the UK? Me? I live in a tree. Ok, not really. That is all.