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House prices rose 4% in third quarter of 2017

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The summer saw a slight recovery in housing market momentum, but regional differences were stark
House prices rose 4% in third quarter of 2017

The annual rate of house price growth rose from 2.7% in the second quarter of this year to 4.0% in the third quarter, according to Halifax and IHS Markit.

This takes the average UK property price to £224,201, representing an increase of £8,702 since the same period last year. Prices are up £62,991 over the past five years.

Property prices grew at strong annual rates across the Midlands and Northern England, in contrast to the trend over the last 10 years.

The North of England saw the steepest year-on-year rate of house price growth at 9.3% in the third quarter of 2017, followed by the East Midlands (+7.0%) and the North West (+6.8%). Relatively strong annual rises in property prices were also seen in Yorkshire & Humberside (+6.1%) and the West Midlands (+5.2%).

London was the weakest-performing English region (+2.6%), and for the first time in three-and-a-half years, house prices in the South East increased at a slower pace than the UK as a whole (annual rise of +3.8% in Quarter 3).

Despite slower growth across London and the South East, the average house price in these areas remains by far the highest of all 12 UK regions. In the capital, the prices are £451,328, while in the South East the equivalent figure is £343,159.

The lowest property prices are in Northern Ireland (£130,853) and Scotland (£134,797).

Tim Moore, senior economist at IHS Markit, said: “The latest Halifax House Price Index data suggests a slight recovery in UK housing market momentum this summer, but the regional figures are a mixed bag.

“Regional figures for Quarter 3 show the North-South divide flipping on its head; annual price growth in London and the South East has slipped well behind Northern England, and indeed the Midlands.”

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