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House price boost in June reverses recent falls

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28/06/2017
Prices rose over the last month, but some regions fared better than others
House price boost in June reverses recent falls

Average UK house prices rose by 1.1% in June, according to Nationwide, pushing up annual house price growth to 3.1%.

The average UK property price is now £211,301, as this month’s rise reversed the recent fall in prices.

Despite the increase, Robert Gardner, Nationwide’s chief economist, warned that ‘monthly growth rates can be volatile’.
 
He explained: “The annual rate of house price growth, which gives a better sense of the underlying trend, continues to point to modest price gains.”

Alex Gosling, CEO of online estate agents HouseSimple.com, agreed: “When we look back at 2017, it will feel like the year the housing market didn’t really get going.

“Brexit and the General Election put a dampener on the traditionally buoyant Spring period. And we’re now into summer when the market tends to slow down, and what it really needs is a super-charged boost of activity to make up for several months of subdued activity.”

Regional picture

For the first time in eight years, price growth in Northern England (West Midlands, East Midlands, Yorkshire & Humberside, North West and North) exceeded that in Southern England (South West, Outer South East, Outer Metropolitan, London and East Anglia, said Nationwide.

Northern England saw a 3.3% year-on-year increase, while in the South prices were up 2.6%.
 
However, there are still significant disparities in price levels, which is noticeable when looking at prices relative to their 2007 peak. For example, prices in London are around 55% above 2007 levels, while those in the North, Yorkshire & Humberside and North West are still lower than their 2007 peaks.
 

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