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  1. ITV Report

UK house prices up 7% as average home in England hits £300,000

A row of Victorian terraces Credit: PA

House prices soared 7% in the past year as the average price of a house in England rose to £300,000, ONS figures reveal.

In the year to October 2015, UK house prices increased by 7%, up from 6.1% in the year to September 2015.

Surging annual house prices were driven by increases in the East with average gains of 10.4%, followed by the South East at 9.5%.

Across the UK, average house prices increased by 0.8% between September and October 2015, the report found.

£300k
the average house price in England
£174k
the average house price in Wales
£196k
the average house price in Scotland
£158k
the average house price in Northern Ireland

ONS statistics show in October 2015, London continued to be the English region with the highest average house price at £531,000 and the North East had the lowest average house price at £158,000.

London, the South East and the East all had prices higher than the UK average price of £287,000.

The London skyline Credit: PA

Excluding London and the South East, the average house price was £217,000.

London prices increased by 7.7% over the year to October 2015.

Upwards pressure on house prices may be a result of a shortage of supply and a strengthening of demand in the housing market, a view supported by a number of house market indicators.

– ONS

While supply may be tight, demand for house purchases remains strong.

The amount of mortgage approvals grew by 21.9% in the year to October 2015, the report said.