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Official: No summer slowdown for property prices

Christina Hoghton
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Christina Hoghton

UK house prices rose in August, according to the government’s own measure

The average UK house price was £226,000 in August 2017, up £11,000 compared to the same time in 2016 and £1,000 higher than last month.

The main boost to the increase in UK house prices came from England, where house prices shot up by 5.3% over the year to August 2017, with the average price in England now £244,000.

Wales saw house prices rise by 3.4% over the last 12 months to stand at £150,000. In Scotland, the average price increased by 3.9% over the year to stand at £146,000, while in Northern Ireland it’s £129,000, up 4.4% over the year.

Northern boost

The North West showed the highest annual growth, with prices rocketing by 6.5% in the year to August 2017. This was followed by the East of England, East Midlands and South West, where prices rose by 6.4% in each. The lowest annual growth was in London, where prices increased by 2.6% over the year, followed by the North East at 3.7%.

Unsurprisingly though, London continues to be the region with the highest average house price at £484,000. The lowest average price continues to be in the North East at £131,000.

John Goodall, CEO and co-founder of Landbay, said: “House prices rose across the UK in August as the market shrugged off any signs of a prolonged summer slowdown. Although record low mortgage rates will be helping those who have already stumped up a deposit, escalating house prices will come as yet another blow to aspiring homeowners looking to get their foot on the housing ladder.
“It is essential that the Government doesn’t lose focus on addressing the housing crisis and makes good on its promise to build the thousands of new, affordable homes that people desperately need.”