First-time buyers paid 5.9% more for a house this year

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Reuters

A traditional Swedish red cottage with white corners stands atop of the 85 metre high Ericsson Globe Arena in Stockholm May 26, 2009.

House prices are only going one way at the moment - up.

UK house prices increased by 7.0% in the year to October 2015, up from 6.1% in the year to September 2015, according to the Office for National Statistics.

Excluding London and the South East, UK house prices increased by 5.6% in the 12 months to October.

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It's bad news for first-time buyers as usual. They paid 5.9% more for a house in October 2015 as they did in the same month in 2014.

The average house price in England hit £300,000 in England, compared with £174,000 in Wales, £196,000 in Scotland and £158,000 in Northern Ireland.

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