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Housing market remained resilient in August amid rising prices – ONS

  • 18/10/2016
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Housing market remained resilient in August amid rising prices – ONS
The UK property market remained resilient in August as average prices grew on a monthly and yearly basis in the wake of the UK's decision to leave the European Union, government statistics reveal.

Between July and August, house prices grew by 1.3%, or £3,000, to reach an average of £219,000. Annually, prices rose by 8.4%, compared to 8% annual growth in July and 9% in June.

England continued to be the main contributor to rising value of UK homes, at an annual growth rate of 9%, pushing up the average cost of an English home to £236,000. Scotland and Wales lagged behind with annual house price rises of 4% and 3% respectively, placing both countries on an equal footing with an average property price of £145,000. In Northern Ireland, the average home was priced at £123,000.

The east of England was the region which showed the highest annual growth, with prices increasing by 13% in the year to August. Growth in the South East was the second highest at 12%, followed by London at 12%. The lowest annual growth was in the North East, where prices increased by 3% over the year.

London continues to be the region with the highest average house price at £489,000, followed by the South East and the east of England, which stand at £318,000 and £277,000 respectively. The lowest average price continues to be in the North East at £127,000.

Andy Knee, chief executive of LMS, said: “The growth of average house prices underlines that, in spite of the economic and political turbulence of the summer, confidence in the UK housing market remains strong.”

Knee said that while price rises in August were driven by the east and South East of England and London, it was reassuring in uncertain times to see growth across the country as each region had witnessed house prices rise year-on-year by a minimum of 3%.

The local authority showing the largest annual growth in the year to August was Newham, where prices increased by 24% to stand at £373,000. The lowest annual growth was recorded in Aberdeen, where prices fell by 9% to stand at £176,000.

A survey from the Royal Institution of Chartered Surveyors, carried out in September, which provides insight into future market activity revealed a rise in new buyer enquirers for the first time since February.

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