House prices in north leap 7.4%
The cost of a typical home in Northern Ireland jumped by 7.4 per cent year-on-year to £154,000, a faster increase than anywhere else in the UK.
The rise is due to a continued lack of housing supply and extremely cheap mortgage deals, according to the Office for National Statistics (ONS). But homes in the north remain valued at less than in any other region.
English property prices rose by 5.6 per cent year-on-year to £295,000 with Welsh prices remaining broadly flat, climbing by 0.3 per cent to £173,000. In Scotland prices fell 1.3 per cent to £196,000.
London house prices climbed by 5.5 per cent to £525,000. This was slower than in the East (8.3%) and South East (6.7%), showing the growth is by no means restricted to the capital.
The cost of a typical UK home increased by £5,000 to hit £282,000 in July, the largest monthly increase in the last year.
The Chief Executive of the housing charity Shelter, Campbell Robb, said that the sharp hikes have left many families unable to afford a home.
Robb said: "Not addressing our dramatic shortage of homes is pushing house prices higher and higher, and a stable home further out of reach for millions of young people and families.
"Instead they're trapped in expensive and insecure private renting, or stuck in childhood bedrooms."
Regional breakdown of price and percentage increases for the year up to July 2015.
- N Ireland: £154,000 (+7.4%)
- NE England: £156,000 (-0.7%)
- Wales: £173,000 (+0.3%)
- NW England: £182,000 (+3.7%)
- Yorks/Humber: £183,000 (+4.7%)
- Scotland: £196,000 (-1.3%)
- E Midlands: £197,000 (+5.0%)
- W Midlands: £208,000 (+4.9%)
- SW England: £255,000 (+4.2%)
- UK-wide average: £282,000 (+5.2%)
- Eastern England: £302,000 (+8.3%)
- SE England: £354,000 (+6.7%)
- London: £525,000 (+5.5%)