House prices in Swindon increase by 12.6% Year-on-Year

An updated monthly report showing the statistic for the average house prices for England has been released, which shows a significant increase in house prices in Swindon.

The statistics have been provided by Land Registry as part of the UK house price index reports, which was published on Tuesday, 18th October 2016.

Houses in Swindon
© Janes Properties – Swindon Houses

The official statistics show the annual price change for a home in Swindon is 12.6%, costing £180,488 in August 2015 and £203,250 in August 2016.

According to the released statistics, only 4 local authorities in England saw house prices decrease year-on-year, which were Hartlepool, Camden, Redcar and Ryedale.

Average price change by property type for England

The annual change in cost for new build homes in the South West region is 26.4%.

New build homes have seen a huge increase in costs year-on-year from £238,641 in August 2015 to £315,739 in August 2016.

Existing homes that have been resold in the South West have increased in value by 7.8%, which is three times less than the annual change in new build homes.

The average mortgage price in the South West is now £245,272, an annual increase of 9.5%.

This would mean that if you were seeking to own your own home, you would be expected to have at least £12,500 in savings, based on a 5% deposit mortgage.