Real estate prices are soaring and the cost of living is high across the UK, according to a new UK survey.
The UK’s average property price was £1.9m in March 2018, up 10% from the same month a year earlier, according the Royal Institution of Chartered Surveyors.
But the survey, carried out by property firm REIN, also found the average annual rent in the UK rose to £821, compared with £876 in February 2018.
The average property value, however, fell to £4.6m, compared to £5.3m a year ago.
The survey found the median price of a home in the country was £200,000 in March, down 12% from £210,000 a year previously.
The median price for a home is up 10 per cent since March, while the median income was up 9 per cent, according of the survey.
REIN said the increase in house prices and the high cost of housing is the result of a combination of factors including high energy costs, the government’s plans to tax houses and the rise in social housing.
However, the survey also found that the average home is still not cheap enough for many families to live in.
The annual rental income for the UK in 2019 was £2,400, up 1.4% from 2020 and down 2.3% from 2021, according a survey by the UK Property Institute.
In contrast, the average income for a house was £63,000, up 6.6% from 2019 and up 1% from 2021.
The Institute’s survey, which surveyed more than 600 property professionals across the country, also revealed that the number of people buying property has fallen by almost 1 million over the past three years.
However it is still up from the previous year’s figures of 1.5 million people buying properties.
The RITI survey also said the average price of property in the United Kingdom rose by 5.2% in the year to March 2018.
That compares to a 4.1% increase in the previous three years, the first increase since the start of the housing bubble in the early 2000s.
The index of property prices was also down by 2.4%, the lowest since the survey began in 2001.
The most popular types of property are apartments and houses, with the most popular type of property being flats.
However the RITi survey also noted that many people were moving to bigger properties, especially in London and the south east.
The biggest drop in prices over the last year was recorded in the west Midlands, where the average property cost £1,900, down 0.6%.
The largest increase was recorded elsewhere in the south-east of England, where an average house cost £4,600, up 3.2%.
The survey also revealed there were also large differences in the average size of houses and apartments in different parts of the UK.
In the north-east, the median size of a house rose by 2% to 459 square metres.
However in the north and south-west of England the median is down by 3.4 and 5.1 square metres respectively.
A house in the centre of London was down by 4.3 square metres to a record high of 1,890 sq metres.
The house in Sheffield, the capital’s financial hub, had the biggest increase in its median size, rising by 9.3 quarters to 1,064 square metres, while in the city’s outer boroughs it rose by 3 quarters to 2,935 square metres a year on average.
The smallest houses in the capital were in the outer borough of Tower Hamlets, where a median house cost just 6.8 square metres and a small one cost 1.9 square metres in the past year.
The lowest median price recorded in England and Wales was in London, where it was £917 a month in 2019, according in the Ritish survey.
A new report, by property agent Zoopla, found that in April, the UK had the most expensive real estate market in the world, with prices up by 10% in just three months.
It said the surge in prices was the result, in part, of the government planning to increase taxes on foreign property and a rise in stamp duty, which is a rate of 6.2 per cent on a purchase price of £100,000.
However stamp duty is not applied to overseas property purchases, which means a property is still subject to the normal rate of 10% stamp duty when sold abroad.
Zooplah said it was the biggest monthly rise in real estate prices in the history of the British property market.
In April 2018, the biggest house price increase was seen in the Isle of Wight, where prices rose by 8.4%.
Zooplea said the price increase in May 2018 was due to the Government’s decision to introduce a 5 per cent stamp duty on foreign homes, which had been in place