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London drags UK house price growth to five-year low – ONS

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  • 19/09/2018
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London drags UK house price growth to five-year low – ONS
Average house prices in the UK increased by 3.1% in the year to July 2018 – the lowest annual rate since August 2013 when it was 3.0% and the continuation of a near two-year trend.

 

The UK House Price Index from Land Registry and the Office for National Statistics (ONS) showed a slight dip from 3.2% last month with London proving a significant brake on the national trend.

Overall, the average UK house price was £231,000 in July 2018, up £6,000 from July 2017 and £2,000 higher than last month.

London was the only region to witness a fall with prices dropping by 0.7% over the year to July compared to an increase of 0.3% in June.

The South East at a 1.8% increase was the only other region to have less than 2% rise, while the North West showed the highest annual growth with prices increasing by 5.6%, followed by the South West and West Midlands, both up 4.4%.

Around the nations, house prices in England increased by 3.0% over the 12 months with the average price in England now £249,000.

Wales saw house prices rise by 4.2% to stand at £157,000, in Scotland prices increased by 3.2 to reach £152,000.

The average price in Northern Ireland rose 4.4% over the year to Q2 2018 with the price hitting £133,000.

 

Resilient market

Private Finance director Shaun Church noted that Brexit uncertainty was the greatest test the housing market has faced since the 2008 financial crisis.

“The fact that property prices are still growing, albeit at a more modest rate, is a testament to the resilience of the UK property market.

“As gloomy predictions are made about the future of the housing market should we face a no-deal Brexit, UK homeowners should take solace in this persistent annual house price growth.

He added: “The imbalance between supply and demand continues to have a strong influence on regional affordability, and will continue to do so until the current housing shortage is addressed.”

 

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