House Price Growth – September 2018
The Office for National Statistics have recently released the House Price data for September 2018.
House prices have still been edging up in most areas, albeit that the overall annualised increase over the last 12 months is lower than the equivalent rate of increase for last year. The average UK house price in April 2018 was £231,000.
In the past year, average house prices across the UK have risen by 3.5%, up from 3.1% for the year to August 2018. In England house prices increased by 3% over the year to September 2018, with the average price now £249,000. Wales and Scotland both saw house prices increase by 5.8% over the latest 12 months to stand at £162,000 and £153,000 respectively. The average price in Northern Ireland is currently £135,000, which includes the strongest growth for the month of September.
In the Regions
On a regional basis, London continues to be the region with the highest average house price at £482,000, but London actually showed a reduction in prices with a fall of 0.3% in the past year. London is followed by the South East and the East of England, which stand at £328,000 (+1.7% for the year) and £294,000 (+2.0% for the year) respectively.
The East Midlands and the West Midlands had the strongest growth at 6% and 6.1% respectively. As expected from the price data, sales volumes were down in the year to July 2018 (the latest data available) in all UK countries. A 17.2% reduction in England was the worst of them all.
All property types showed growth in the year; detached houses had the strongest growth at 5.2%. Flats and maisonettes showed the weakest performance, with a reduction of prices of £0.3% overall.
What is more concerning is a look at the growth figures for the isolated month of September – there isn’t much in evidence! The graphic below does show that price changes were low or even negative in many of the regions in the month of September.
Monthly House Price Changes Across the UK and Ireland – September 2018
If you have any questions or if you would like to discuss this with a member of our Construction & Real Estate team, please contact Hannah Farmborough or call on 0207 429 4147 to be put in contact with your local representative.
This article featured in issue 11 of our construction and real estate newsletter series. Read the full newsletter here: Real Estate Matters – Issue 11