London sees lowest annual house price growth

London sees lowest annual house price growth

The Office for National Statistics has reported that in September there was an annual price increase of 5.4% which takes the average property value in the UK to £226,367.

On average, house prices have risen by 0.4% since August 2017.

In England, the September data shows an annual price increase of 5.7% which takes the average property value to £243,945. On average, house prices have risen by 0.6% since August 2017.

The regional data for England indicates that the North West experienced the greatest increase in average property price over the last 12 months, with a movement of 7.3%. The North West also experienced the greatest monthly price growth with an increase of 2.1%.

London saw the lowest annual price growth with an increase of 2.5% and the capital also saw the only monthly price fall of 0.2%.

 

England by region Monthly change % since August 2017 Annual change % since September 2016 Average price September 2017
East Midlands

0.7

6.4

£184,399

East of England

0.3

5.9

£289,301

London

 -0.2

2.5

£483,568

North East

0.5

4.4

£130,271

North West

2.1

7.3

£160,951

South East

0.3

5.5

£324,465

South West

0.5

6.6

£252,737

West Midlands

0.4

5.7

£189,038

Yorkshire and the Humber

1.0

5.6

£158,884

The lowest number of repossession sales in July 2017 was in the East of England.

The most up-to-date HM Land Registry sales figures available for England show the number of completed house sales in July 2017 fell by 17.1% to 64,592 compared with 77,919 in July 2016 and there were 500 repossession sales in July 2017.

Ishaan Malhi, CEO and founder of online mortgage broker Trussle, said: “Many people expressed concern for the housing market after Brexit, but prices are 5.4% higher than they were this time last year. That’s an £11,000 increase on the average UK home. With wages growing just 2.2% in the last 12 months, the growing challenge facing first time buyers is plain to see.

“The Budget is now a little over a week away and rumours are already swirling about some government support for first time buyers. If Phillip Hammond proposes to boost house building, and make homeownership more affordable for young people, it will be a welcome move for those currently priced out of the market. The mortgage sector is slowly innovating to make the process of buying a home less stressful and time consuming, but until more housing supply brings down the cost of property, homeownership will remain a pipe dream for some.”

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