13 September 2017
The latest official figures show UK house prices have risen 5.1 per cent year-on-year, although with marked regional differences. Data from the Office for National Statistics (ONS) on Tuesday showed that in July, the average house price stood at £226,000, about £2,000 higher than a month earlier and a rise of some £11,000 on July 2016.
Property in England led the increases with an annual rate of 5.4 per cent, although there were marked variations between different parts of the country. The East Midlands led the way with a 7.5 per cent rise while homes in London rose by only 2.8 per cent. The local authority recording the biggest annual growth was the Cotswolds, where prices jumped by 16.2 per cent to reach an average of £385,000, while the City of London saw prices fall by 18.4 per cent to average £744,000.
Prices in Wales rose by 3.1 per cent to an average of £151,000; Scotland saw an increase of 4.8 per cent to £149,000; and Northern Ireland notched up a 4.4 per cent to bring the average price to £129,000.
Brexit unlikely to dampen further UK house growth
Russell Quirk, chief executive of online estate agents eMoov, said the ONS data provided the most compelling evidence yet that the UK property market had now shaken off the downturn experienced after last year’s general election.
“The rate of growth during this period is higher than previously reported by Halifax and Nationwide, which is impressive given that this price data usually lags slightly behind other industry sources that base their figures on mortgage approvals rather than sales completions,” he said.