The shortage of homes has helped drive a 7.4% rise in the annual house price costs, official figures have shown.
The Office for National Statistics (ONS) measured a £1,000 increase in October UK-wide, with values 7%up year-on-year at an £287,000 average. Meanwhile, the average London prices are now at £531,000. England has been largely driving the increase – particularly in the East and South East regions, where growth was 10.4% and 9.5% respectively.
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