UK House Price Index released: The East Midlands has the second highest growth figure

The largest annual growth was in the North West at 6.5%. This was followed by the South West, East of England and the East Midlands, all of which had a growth rate of 6.4% in the year to August 2017.

The lowest annual growth was in London, where prices increased by 2.6% over the year. This is the 9th consecutive month where the growth in London house prices has remained below the UK average.

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The August data shows for the whole of the UK:

  • an annual price increase of 5.0% which takes the average property value in the UK to £225,956
  • house prices have risen by 0.5% since July 2017
  • the monthly index figure for the UK was 118.5

 

The data shows:

  • in England, an annual price increase of 5.3% which takes the average property value to £243,520. House prices have risen by 0.7% since July 2017
  • in Wales, an annual price increase of 3.4% which takes the average property value to £150,258. House prices have fallen by 0.1% since July 2017
  • in London, an annual price increase of 2.6% which takes the average property value to £484,362. House prices have fallen by 1.0% since July 2017
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The regional data for England and Wales indicates that:

  • the North West experienced the greatest increase in average property price over the last 12 months, with a movement of 6.5%
  • the North West also experienced the greatest monthly price growth with an increase of 2.3%
  • London saw the lowest annual price growth with an increase of 2.6%
  • London also saw the most significant monthly price fall of 1.0%

The UK Property Transaction statistics showed that the number of seasonally adjusted transactions on UK properties with a value of £40,000 or greater has increased by 6.6% between August 2016 and August 2017. However, between July 2017 and August 2017, the number of seasonally adjusted property transactions decreased by 0.5%.

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Looking closer at regional levels of the UK, the largest annual growth was in the North West at 6.5%. This was followed by the South West, East of England and the East Midlands, all of which had a growth rate of 6.4% in the year to August 2017. The lowest annual growth was in London, where prices increased by 2.6% over the year. This is the 9th consecutive month where the growth in London house prices has remained below the UK average.

Sales during June 2017, the most up-to-date HM Land Registry figures available, show that:

  • the number of completed house sales in England fell by 11% to 66,082 compared with 74,259 in June 2016
  • the number of completed house sales in Wales rose by 1.4% to 3,867 compared with 3,812 in June 2016
  • the number of completed house sales in London fell by 20% to 6,768 compared with 8,464 in June 2016
  • there were 618 repossession sales in England in June 2017
  • there were 64 repossession sales in Wales in June 2017
  • the lowest number of repossession sales in England and Wales in June 2017 was in the East of England
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