A major British news website has reported on a rise in home prices in the UK. The government’s statistics office stated that the average price of a home increased by 12,000 pounds from April of 2016 to April of 2017. The increase was 5.6%. Rent went up 1.8% in the same time frame. Housing prices went up by 6.8% in Scotland, and 6.1% in the eastern part of England. Some experts claim the statistics office is using too small a sample to get an accurate measurement.

Key Takeaways:

• The cost of houses are going up despite lenders and builders reporting a stagnant market
• The cost of renting a house is not going up as fast as the cost of buying a house
• It was expected that Brexit would affect the housing market more than it did.

“The ONS said that average house prices in the UK have increased by 5.6% in the year to April, accelerating from 4.5% in the year to March.”

Read more: https://www.bbc.co.uk/news/business-40259495