Official figures show house price growth
Published: 02-Jul-2007
House prices in the UK rose sharply in May, new government figures suggest.
Data released by the Land Registry backs up figures unveiled last week by Nationwide which suggested that the average price of a house in the UK increased dramatically in May.
The government's figures show that prices increased by 0.7 per cent when compared to April - giving an annual rate of house price inflation of 8.9 per cent.
The Land Registry's figures show that landlords looking to buy a new property in London will typically have to pay £335,658. In England and Wales as a whole, the average house price was £180,594 in May.
The report said that house price growth remained robust across the whole of the country, stating: "No county or unitary authority experienced negative annual price change this month."
In particular, prices in Brighton & Hove rose sharply, increasing by 16.5 per cent over the year to the end of May. In total, 21 other counties and unitary authorities also enjoyed annual house price inflation of over ten per cent.
As house prices continue to rise, it is likely that more people will have to rent for longer, improving the market for landlords considering expanding their portfolio.
