THE cost of a typical UK home rocketed by £5,000 in just one month to hit £282,000 in July, official data has found.
The sharp rise represents the biggest monthly hike seen for a year, buoyed by a continued lack of housing supply and extremely cheap mortgage deals.
It is worth noting that prices have increased at a more moderate pace when viewed over 12 months, which is seen as a more reliable indicator of price trends.
Over this time scale prices jumped around £10,000 or 5.2% across the UK, according to the Office for National Statistics (ONS).
Looking at a nation by nation basis, prices in Northern Ireland saw the sharpest increase of 7.4% to stand at £154,000. English homes were up 5.6% £295,000, while in Wales property prices were broadly flat (0.3%) at £173,000.
Scotland was the only nation to see prices fall, down 1.3% to £196,000.
The ONS also offered a regional breakdown for England. London was unsurprisingly the most expensive with house prices rising to an eye-watering £525,000.
Interestingly, the annual percentage rise of 5.5% is actually lower than in the East (8.3%) and South East (6.7%), indicating the boom is by no means restricted to the capital.
Campbell Robb, chief executive of charity Shelter said such sharp hikes have left many families unable to afford a home.
“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.
Below is a full regional breakdown of prices, with the percentage increase in brackets:
• 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%)