AVERAGE house prices in the north rose by 4.5 per cent in the year to July to £139,000, according to figures from the Office for National Statistics (ONS). It reported house prices to have reached a new record high of £272,000 across the UK as the average property value in London has topped £500,000 for the first time. Prices jumped to fresh all-time peaks in Scotland, the east midlands, the west midlands and the south west of England in July. Property values surged by 11.7 per cent across the UK during the 12 months to July and they increased by 1.6 per cent compared with June.
The figures also show that a typical first-time buyer faces paying 13.5 per cent more to get on the property ladder than they did a year ago.