UK house prices have, according to recent data from the Office for National Statistics (ONS), risen by 8% in the twelve months to the end of March.  This has promoted the prime minister to consider changes to the Help to Buy programme which has been credited with the high demand for property that has driven prices upward to record growth levels.  The average house prices in London have contributed the overall UK average with London experiencing an annual price increase of 17%.

The average house price excluding London and the south east of England showed a more modest increase of 4.7%.  House prices in the east of England increased annually by 6.6% while they rose 6.1% in the south east of England.  Property prices increased annually by 0.3% in Northern Ireland and 0.8% in Scotland.

The fear of a housing bubble were stifled slightly as the overall figure for March fell by 0.5% from February making the average property worth £252,000.

Prime Minister David Cameron stated in an interview with the BBC, “Of course, we will consider any changes that are proposed by Mark Carney (Bank of England Governor).

“But, as he said, this is a well-targeted scheme and it has helped tens of thousands of people get on the housing ladder and to have mortgages.”

There was also some outcry for a change to the interest rate to slow down house prices but that too was quenched when Mark Carney stated that interest rates would not be changed in the near future but that the Monetary Policy Committee would pay careful attention to the housing market.

Meanwhile, cheap remortgage deals and mortgage offerings are still available to those willing to shop around and apply quickly.