A property expert has suggested that a boom in UK house prices is down to a lack of supply of properties.
According to newly released figures from Nationwide, the average UK property is now worth £188,903 – higher than their peak in 2007.
In the North West, prices have risen 7.1 per cent compared to the same time last year, and an average property is now worth £144,851.
Sarah Barnes, head of Residential Property at Napthens, Sarah said: “Our experience in Lancashire tells us that lack of supply is certainly pushing prices up. Fewer properties are coming onto the market, and there has been a lack of new homes being built, although this trend is changing as developers are now beginning to move forward.
“We don’t believe the Help To Buy scheme has caused a boom in house prices.”