August UK House Price Index

The UK House Price Index figures for August have been released, showing house price changes for England, Scotland, Wales and Northern Ireland.

August figures have risen once again, with the annual price rise showing an increase of five per cent, bringing an average property value of £225,956. House prices have also risen since July by half a percent, with the monthly index figure for the UK at 118.5

Across the country, the data shows an increase in annual prices across all regions, with English homes rising 5.3% and Welsh properties by 3.4%. In London, an annual price increase of 2.6% takes the average property value to £484,362, with London also experiencing the most significant monthly price fall at 1%. This is the ninth consecutive month where the growth in London house prices has remained below the UK average.

Regional data shows that the North West is experiencing a surge in prices, with the greatest increase over the last 12 months resulting in 6.5% growth. The North West also experienced the greatest monthly price growth with an increase of 2.3%.

This was followed by the South West, East of England and the East Midlands, all of which had a growth rate of 6.4% in the year to August 2017.

The UK HPI now includes new information, with data available for the number of cash sales transactions, mortgage sales transactions, and registered new build and resold properties.

The figures this months show that cash sales account for between 30% and 40% of all transactions at Great Britain level, with variations at regional level. London has the lowest proportion of cash sales (around 25%), while the South West has the highest (around 40%).

The introduction of volume information is designed to improve the transparency of the number of new build properties registered across the UK. It also provides greater clarity on purchasing trends, helping users to understand the extent of household credit.

 

If you would like to read more articles like this then please click here.

The post August UK House Price Index appeared first on UK Construction Online.