Official: House prices up 5.1% in year to November
Average house prices in the UK have increased by 5.1% in the year to November 2017 (down from 5.4% in October 2017), according to figures from the Office for National Statistics.
The annual growth rate has slowed since mid-2016 but has remained broadly around 5% during 2017.
The average UK house price was £226,000 in November 2017, as measured by the ONS. This is £11,000 higher than in November 2016 and unchanged from last month.
The main boost to UK house prices came from England, where property prices grew by 5.3% over the year to November 2017, with the average price in England now £243,000.
Wales saw house prices increase by 4.5% over the last 12 months to stand at £153,000. In Scotland, the average price increased by 3.6% over the year to stand at £146,000.
The average price in Northern Ireland currently stands at £132,000, an increase of 6.0% over the year to Quarter 3 (July to Sept) 2017.
On a regional basis, London still has the highest average house price at £482,000, followed by the South East and the East of England, which stood at £325,000 and £290,000 respectively. The lowest average price continued to be in the North East at £128,000.
The highest annual growth was in the West Midlands, with prices rising by 7.2% in the year to November 2017. This was followed by the East Midlands (6.4%) and the North West and South West (6.2%).
The lowest annual growth was in London and the North East, where prices increased by just 2.3% over the year, followed by Yorkshire and The Humber at 3.0%.
Ishaan Malhi, CEO of online mortgage broker Trussle, said of the figures. “Those looking to get onto the property ladder should see the current slowdown in price growth as an opportunity to buy. With interest rates still extremely low and the recent changes to stamp duty, first-time buyers are arguably facing better conditions than they have for some time.
“However, affordability is going to be an issue for many. Wage growth has failed to keep pace with inflation, so saving for a deposit is going to be that bit harder. Nevertheless, with many parts of the UK now seeing house price growth begin to level off, what was once an almost impossible task is getting a little easier, and this trend should continue over the coming months.”