- UK Property Prices up by 3%
On average, house prices in the UK have risen by three per cent in the 12 months to June 2018 and by 0.4 per cent month on month to £228,384, the latest official figures show.
But the data from the Land Registry shows there is some regional differences with Wales and Scotland outperforming the rest of the country and London seeing prices fall month on month.
Propertywire.com reports that a breakdown of the data showed that prices increased by 4.8 per cent year on year on Scotland and were up 0.8 per cent month on month to an average of £150,472 while in Wales they increased by 4.3 per cent year on year and by 1.7 per cent month on month to £156,886.
In England prices rose year on year by 2.7 per cent and they increased by 0.3 per cent month on month to £245,076. In London priced fell by 0.7 per cent year on year and were down 0.6 per cent month on month to £476,752.
The data also shows that sales have fallen nationwide. Transactions fell by 19.3 per cent in England, by 13.9 per cent in Wales, by 13 per cent in Northern Ireland and by 9.4 per cent in Scotland.
In England, on a regional basis, prices fell by 1.9 per cent in the North East month on month to £127,271, and were down 0.5 per cent in the East Midlands and the South West to £187,553 and £252,558 respectively.
But prices rose on a monthly basis by 0.5 per cent in the North West to £159,801, by 0.6 per cent in the South East to £325,107, by 0.9 per cent in Yorkshire and the Humber to £160,727, by one per cent in the East of England to £292,632 and by 1.9 per cent in the West Midlands to £196,015.
The mixed signals for the property market which won’t inspire much confidence in those who remain undecided on whether or not to buy or sell this year, according to Russell Quirk, chief executive of Emoov.
He pointed out that price growth remains at a five year low and this is a direct result of a fall in transactions and a lethargic market, as demonstrated by the increase in the time it’s taking to sell.