Buying a house is not cheap and even before you have redecorated or installed a Cheshire conservatory, you now have to spend on average £214,000 for a home.
The Office for National Statistics (ONS) recently reported a 8.7 per cent growth in house prices between June 2015 and 2016, representing a rise of £17,000 over the 12 months.
This is also higher than the 8.5 per cent increase between May 2015 and 2016, and a £2,100 increase from May to June this year.
According to the findings, property values have risen significantly since the crash in 2008, when house prices fell to £155,000 on average. Since then, they have risen by almost £60,000 over the last eight years, a growth of just over £7,000 a year.
Therefore, the last 12 months represent a steep increase in property values in comparison to this, signalling good news for the market.
Unsurprisingly, the region with the highest prices is London where properties typically sell for £472,000. This is a huge difference from the north-east where homebuyers can purchase real estate for as little as £124,000 on average.
Not all locations saw their property values increase though. For instance, the City of Aberdeen witnessed a drop in prices by 6.8 per cent over the year, followed by Kensington and Chelsea where costs fell by 6.2 per cent.
While the ONS findings, on the whole, show an improvement in the property industry, these results are before Brexit. Therefore, the impact of the referendum is not shown on these house values.
However, the Royal Institution of Chartered Surveyors recently found that only five per cent of its surveyors experienced a rise in property prices, as opposed to a fall, last month.
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