OFFICIAL figures suggest that house prices across the UK are soaring.

In many places across the UK, prices have been increasing at their fastest rate for more than a decade.

This is all despite the country being gripped by a pandemic.

While this might be great news for estate agents and investors, it might spell disaster for first-time buyers hoping to get their foot on the property ladder.

The latest figures from HM Land Registry, from April, suggest that property values in the UK were eight per cent higher than the April before.

However, this is a decrease on the month before (1.9 per cent).

However, in Lancashire this figure is much higher and the county has seen a 12 per cent increase in property price when comparing April’s figures.

In Blackburn with Darwen specifically, property price has increased by 12.5 per cent when you compare the latest 2021 April data to the April before.

However, this isn’t even the biggest house price increase in East Lancashire.

According to the figures, Burnley saw the biggest house price increase in East Lancashire (20.2 per cent).

This was closely followed by the Pendle district (20.1 per cent).

Here is a full list of East Lancashire areas and their house price increase percentage:

  • Hyndburn- 6.7 per cent increase
  • Ribble Valley- 9.5 per cent increase
  • Blackburn With Darwen- 12.5 per cent increase
  • Rossendale- 16.9 per cent increase
  • Pendle- 20.1 per cent increase
  • Burnley- 20.2 per cent increase

Sally Harrison, from Sally Harrison Estate Agents in Barnoldswick, said they have experienced issues with property demand outstripping supply in recent months.

She thinks this could be is a leading reason why house prices have increased so much in the area.

She said: “The thing that has really pushed the prices up in the last few months is just shortage of availability.

“Right now whatever comes on the market is snatched up almost instantly.

“We’ve had first-time buyers placing offers over the asking price because they’re desperate to just secure something.”

However, Sally explained that the 95 per cent mortgage scheme might be more beneficial to first time buyers hoping to get on the property ladder for an affordable price.

She added: “It’s more useful to first time buyers looking at second hand homes- especially if they haven’t got a large deposit at their disposal.”