The Office for National Statistics has released the latest data on it’s UK House Price Index (HPI). This data traces the house price inflation, which is the rate at which the prices of residential properties that are purchased in the UK, rise and fall. Introduced in June 2016, the UK House Price Index includes all of the residential properties bought for the market value in the UK. The data shows that the average property prices in the UK have seen an increase by as much as 3.2% in the year to August 2018 (down from 3.8% in July 2018). This has remained generally stable at a national level since April 2018.
Over the past two years, the records seem to indicate that there has been slower growth in the UK house price growth, which was mainly driven by a slowdown in the south and east of England. The data shows that the lowest annual house price growth was in London, where the prices were decreased by 0.2% over the year. This was down from being unchanged (0.0%) in the year to July 2018. In August 2018, the average house price in the UK was £233,000, which is £7,000 higher than in August 2017, and £1,000 higher than the previous month. On a non-seasonally adjusted basis, the average property prices in the UK had increased by 0.2% between July 2018 and August 2018, compared to the same period last year (July 2017 and August 2018) with an increase of 0.5% in average house prices.
The house prices in England have increased by 2.9% in the year to August 2018, which is down from 3.3% in the year to July 2018. The average house price in England is now £250,000. The property prices in Wales have increased by 6.2% over the last 12 months to reach £162,000. The average house price in Scotland has increased by 4.1% over the year to stand at £153,000. For Northern Ireland, the average property price currently stands at £133,000, which is an increase of 4.4% over the year to Quarter 2 (April to June) 2018.
About the Author
Stuart Mosley (CeFA, CeMap, CLTM) founded SJ Financial Solutions in June 2005 having spent 12 years with big corporates such as Halifax and Santander. He felt the personal touch and straight speaking was missing from financial and mortgage advice services and set up SJ Financial Solutions to change this.
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