The value of UK properties has increased by 7.7% in the past year, according to the latest House Price Index from the Land Registry.
Figures show that, as of September 2016, the average value of a property in the UK stood at £217,888, a 0.2% month-on-month rise, but an almost 8% jump since the same month in 2015.
Of course, there is variation between the country’s regions, with properties in the north-east of England only seeing their value grow by 1.5% across the year, compared to the 12.1% increase experienced in the east of England.
Homeowners in the north-west of the country have seen the value of properties climb by 5.7%, according to the report, putting average prices in the region at £150,845.
Despite property prices rising, this isn’t necessarily good news for homeowners. Anyone who wants to sell their property and buy somewhere larger could struggle, with the Land Registry data showing the biggest price increases in England were for detached and semi-detached houses, at 8.8% and 8.6% respectively.
Whereas flats/maisonettes increased in value by 8.5%, while terraced properties only saw their values grow by 7.4%.
However, homeowners who have no intention of moving are in a stronger position, with figures from the Council of Mortgage Lenders revealing that the amount homeowners are paying out on mortgage payments as a percentage of their household income fell to a historic low of 17.8% for first-time buyers and 17.7% for home movers.
With a bit of extra cash to spare, homeowners in the north-west may want to invest in driveway cleaning in Merseyside to help keep their property in top condition.