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ONS: UK house prices continue to slide pre-coronavirus

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  • 22/04/2020
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ONS: UK house prices continue to slide pre-coronavirus
The average UK house price continued to slip downwards in February, hitting £230,332 according to the Office for National Statistics (ONS).

 

The seasonally adjusted figure was down 0.3 per cent from January and has dipped from the recent high of £233,781 in September 2019.

More encouragingly, the February figure was 1.1 per cent higher than in the same month last year, although this growth was not as strong as the 1.5 per cent annual rise seen in January.

Over the year average house prices increased 0.8 per cent in England to £246,000, rose by 3.4 per cent in Wales to £164,000, and were up by 2.5 per cent in Scotland to £151,000.

Northern Ireland’s house price data is produced on a quarterly basis with the next update due from the March figures.

 

London rebound

The East of England was the only region to witness negative annual growth rate with a fall of one percent, the first regional drop since November.

Having witnessed price falls over the previous year, London became the English region with the highest annual house price growth

Prices in the capital increased by 2.3 per cent to £477,000 in the year to February 2020, up from a 1.3 rise in January.

The ONS said the previous falls magnified the rebound; the average house price decreased by 0.9 per cent or £4,000 between January 2019 and February 2019 but rose by 0.2 per cent or £700 between January 2020 and February 2020.

 

Data quality

The ONS noted that at present the price collection for its house price index publication had been largely unaffected by the coronavirus restrictions.

However, other indexes which are already considering March and April have highlighted that falls in the numbers of property transactions are impacting the quality of the data available.

 

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