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UK house prices soar £17,000 in a year to hit £217,000

The average house in the UK now costs £217,000. Credit: PA

The average house price in the UK has increased by £17,000 in the last year.

The increase means that the average house price in the UK is now £217,000.

Property values also increased by £1,000 on average in the last month, continuing a "strong" run of growth, according to the Office for National Statistics (ONS).

As of July the average house price in England stood at £233,000, while in Wales it was £145,000, in Scotland it was £144,000 and in Northern Ireland it was £123,000.

As the effects of Brexit on the housing market become clearer in the coming months, Thomas Fisher, an economist at PwC, said: "Our own expectation is that the UK housing market will cool not crash."

House prices rise at a faster pace than expected

House prices rose at their fastest annual pace in more than a year in March Credit: PA

House prices rose at their fastest annual pace in more than a year in March, Nationwide has announced today.

The surge is a result of buyers of properties to rent and second homes trying to beat the introduction of a new tax, the mortgage lender said.

Property prices were 5.7% higher in March compared with the same month last year, a bigger increase than the 4.8% gain in February.

For the month, house price growth rose to 0.8% from 0.4%, Nationwide said.

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