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House price growth increases, but sales decline – ONS

fIXFLO news story

Average house prices in the UK increased by 6.7% in the year to November 2016 to £218,000, but sales are down, the Office for National Statistics has revealed.

While growth increased from 6.4% in October, sales volume data, only available up to September, shows that transactions fell to levels similar to 2013 at just over 80,000 in the UK.

This is down from 100,000 in the same period in 2015.

The main contribution to the increase in UK house prices came from England, where house prices increased by 7.2% over the year to November 2016, with the average price in England now £234,000.

Wales saw house prices increase by 4.1% over the last 12 months to stand at £147,000. In Scotland, the average price increased by 3.3% over the year to stand at £143,000. The average price in Northern Ireland currently stands at £124,000.

The East of England is the region which showed the highest annual growth, with prices increasing by 10.5% in the year to November 2016. Growth in the South-East was second highest at 8.6%, followed by London at 8.1%. The lowest annual growth was in the North-East where prices increased by 3.2% over the year.

Ben Madden, managing director of Thorgills, said: “These figures bring into sharp focus just how hardy the property market has been in the wake of Brexit.

“While annual house prices have failed to return to the lofty heights recorded during the pre-Stamp Duty rush of March, 6.5% growth at the tail-end of such a tumultuous year is far better than anyone would have expected.

“Low mortgage rates have continued to attract prospective buyers to the market.

“Combined with an ongoing shortage of stock, house prices have continued to hold their own in the wake of political uncertainty.

“London’s significance as a global hub for employment and business has continued to be a catalyst for house prices in satellite towns, as Luton and nearby Dunstable proved to be amongst the star performers for property price increases in 2016.”

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Source:: House price growth increases, but sales decline – ONS