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Official: UK house prices up 3.9% annually

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Prices are still rising, but the pace of growth has slowed
Official: UK house prices up 3.9% annually

Average house prices in the UK rose by 3.9% in the year to April 2018 (a slowdown from 4.2% in March 2018).

This is the lowest annual rate of growth since March 2017 when it was 3.7%, said the Office for National Statistics.

The average UK house price was £227,000 in April 2018, £9,000 higher than in April 2017 and £3,000 higher than last month.

In England house prices increased by 3.7% over the year to April 2018, with the average price in England now £244,000.

Wales saw house prices increase by 4.4% over the last 12 months to stand at £156,000.

In Scotland, the average price increased by 5.6% over the year to stand at £149,000.

The average price in Northern Ireland currently stands at £130,000, an increase of 4.2% over the year to quarter one of 2018.

On a regional basis, London continued to be the region with the highest average house price at £485,000, followed by the South East and the East of England, which stood at £325,000 and £286,000 respectively. The lowest average price continued to be in the North East at £130,000.

John Goodall, CEO of buy-to-let firm Landbay, said: “House price growth may be beginning to slow down, but affordability remains a concern for many aspiring homeowners struggling to get a foot on the ladder. Insufficient housebuilding is restricting the number of homes available for sale, and when demand begins to pick up again, this will create pressure on prices.

“With wages falling and rents still rising, first-time buyers are often left with very little to put towards a deposit each month. And with the average deposit standing at £33k, the scale of the task is daunting.”

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