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Annual house prices see weakest growth in six years

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  • 24/02/2020
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Annual house prices see weakest growth in six years
The average price of a house in the UK increased by 1.3 per cent in 2019, the weakest growth since 2013, Land Registry's analysis of UK House Price Index suggests.

 

This was below than 2018’s annual increase of 3.3 per cent, and weaker than the 2.6 per cent growth seen in 2013. 

All regions saw a drop in growth; England’s prices increased one per cent compared to 2018’s three per cent and prices in Scotland grew 1.8 per cent compared to 4.6 per cent the year before. 

In Wales, a four per cent growth was seen, down from 2018’s 4.8 per cent and Northern Ireland saw house prices rise by 3.5 per cent. This was a slowdown from the region’s 4.6 per cent rise in 2018. 

 

Local changes

Locally, the strongest growth was seen in North Devon, where the average price of a house rose 8.9 per cent to £247,590. 

Three of the top five local areas to see strong growth were in Wales. Land Registry attributed this to the removal of the Severn Bridge tolls making it more affordable for those who work in Bristol to live on the Welsh side of the River Severn. 

The biggest falls occurred in Kensington and Chelsea, where the average house price dropped 7.7 per cent to £1,256,713. 

Four of the five local areas which saw the weakest growth were in London and the South East. Land Registry said this followed a “general slowdown” in the London property market since mid-2016 and was probably due to the area being “disproportionately affected by regulatory and tax changes”.

 

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