The Current State of House Prices in the UK
House prices in the UK have been a topic of discussion for many years. The property market has experienced highs and lows over the years, with fluctuations in house prices being one of the key factors. For those looking to buy or sell a property, understanding the current state of the UK housing market is important. In this blog, we’ll take a closer look at the current state of house prices in the UK. According to the latest figures from the Office for National Statistics (ONS), the average house price in the UK in February 2023 was £285,000. This represents a 5.5% increase from the previous year. While the UK housing market saw a dip in prices in 2020, largely due to the COVID-19 pandemic, prices have been steadily rising again since mid-2021. One of the key drivers of house price increases in the UK is the lack of supply of new homes. Demand for housing continues to outstrip supply, particularly in urban areas, resulting in rising prices. The UK government has announced plans to incr