The cost of an average UK property soared to £208,000 in December 2015, Halifax’s new housing report has shown.
House prices in the UK rose by nearly 10% in 2015 compared to a year earlier.
Prices in the three months to December were 9.5% higher than in the same three months a year earlier.
Newham in London recorded the biggest rise in house prices among major UK towns and cities over the past year, according to separate recent research by Halifax.
The average house price in the London borough was 22% higher than in the previous year, nearly double the 12% increase in London as a whole.
Martin Ellis, Halifax housing economist, said:
“House prices in the three months to December were 1.6% higher than in the previous three months. This was the second successive month that this measure has been below 2.0%, indicating a possible slight softening in the underlying rate of price growth.
“There remains, however, a substantial gap between demand and supply with the latest figures showing a further decline in the number of properties available for sale. This situation is unlikely to change significantly in the short-term, resulting in continuing upward pressure on prices.”
Take a look at this graph that depicts the meterioic rise in house prices in the last year:
Check out the full data here