House prices soar by £2,000 in one month

A SUMMER surge in prices has pushed the value of a typical home to a record £284,000 after climbing £2,000 in just one month, official figures show.

In evidence that the property boom is spreading across the UK, houses in parts of northern England and the East are now rising in value at a faster annual pace than those in London.

Overall, prices were 5.2 per cent higher in August than they were a year ago – a rise of £10,000 – with first-time buyers paying 3.8 per cent more for an average property costing £215,000, according to figures from the Office for National Statistics.

Martin Robinson, from Hunters Property Group in York, said: “It is yet another indication the economy is thriving in the North and the Northern Powerhouse effect is taking place.

“We have seen a 30-40 per cent increase in investors looking to put their money in the North as buyers realise they can get more for their money here.”