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Official: UK house prices (just about) rising

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Property prices inched up last month, despite London dragging down the average
Official: UK house prices (just about) rising

The average price of a property in the UK in August was £234,853, according to the Office for National Statistics.

In its official UK House Price Index it noted that average prices crept up by 0.8% compared to July and were up a modest 1.3% over the previous 12 months.

But some places fared better than others.

Regional divide

Annual house price growth was strongest in Wales where prices increased by 4.5% in the year to August 2019, up from 3.8% in the year to July 2019.

The lowest annual growth was in London, where prices fell by 1.4% over the year to August 2019, followed by the South East where prices fell by 0.6% over the year.

Lucy Pendleton,  founder director of estate agents James Pendleton, said: “The crucial London market’s head is still in a vice but offers are coming forward, which suggests buyers don’t believe this period of consolidation will last too long. 

“Growth may be almost static nationwide but it would be even worse were it not for the UK’s army of first-time buyers who are putting a floor under prices with their can-do attitude.

At the other end of the UK, things are looking a little more positive.

“Scotland’s property boom is picking up speed, with annual growth of 1.6%, ” said Edwina de Klee, partner at Edinburgh-based Garrington Property Finders, “even if stellar performance in Wales and Northern Ireland means Scotland’s market is no longer a front-runner among the UK nations.”

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