Property Prices Across the UK are rising!

LONDON - Jan. 8, 2014 - PRLog -- In the past year house prices in the UK have seen a great turnaround: the market has picked up, banks are more willing to lend and prices are rising at rates not seen since before the economic crisis.


The Bank of England, concerned the market may be over stimulated, have withdrawn some state support from the mortgage market recently.

London still saw the biggest hike, recording a 12 per cent annual increase in property prices, pushing the typical house there to £437,000.

Prices there are now nearly 17 per cent higher than their pre-crisis levels, leading to the creation of 60,000 new property millionaires.

Prices in England rose by 5.7 per cent, Wales by 2 per cent, Scotland by 3.3 per cent and Northern Ireland by 4.8 per cent.

As UK house prices begin hitting pre crisis levels a greater proportion of people face paying higher rates of stamp duty, with the revenue the government receives from it is expected

“There is a risk that The Bank of England will be forced to apply the brakes sooner than most commentators expect.”