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ONS highlights regional house price variations

The Office for National Statistics (ONS) has released figures indicating that the UK housing market has not been changing in a uniform manner.

While typical London house prices had increased by almost 20 per cent on a yearly basis by July, average house prices within Wales had gone up by about seven per cent over the same period. This meant that the average price in London was over half a million pounds, while its counterpart in Wales was going for about £170,000.

Although there are quite large disparities in the performance of the housing market across the UK, it is important to note that house price inflation has been exceeding the standard measure of total inflation in all the different regions. This could mean that the demand for floor sanding in North Wales, and other such services, might have increased, as sellers may have the opportunity to get high prices for their properties if they engage in home improvements.

The statistics produced by the ONS have not quite matched with those released by other organisations. For example, Halifax and the Nationwide have issued data that seems to be slightly more up to date.

With regard to the dramatic house price increases in the capital, parents have been struggling to help their children in relation to deposits. The charity Shelter has said that a parental contribution in excess of £20,000 is by no means unusual.

Campbell Robb, the chief executive at Shelter, has said:

“This shocking rise in house prices leaves even more people priced out of a stable home.”

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