UK HPI shows consistent increases in housing value

According to the latest UK House Price Index, from HM Land Registry, house prices in the UK in June rose by an average value of 0.7% since May 2019, with the annual average house price rise now reaching a figure of 0.9%, making the average house value in the UK approximately £230,292.

England’s monthly price rise is proportionally the same as the entire country, with the annual price rise being just below that of the nation at a figure of 0.7%, the same as the monthly price rise, with the average English property value exceeding that of the UK at a cost of £246,728.

By region, the North East has experienced the greatest monthly increase in property value, with prices having risen by a figure of 1.7%, whereas the South West suffered as the only region to experience a monthly fall in property value, having fallen by 0.4%. In terms of annual rises and falls, however, the East Midlands has gained the greatest house value, increasing by a proportion of 3.2%, while the greatest fall in house value was felt in London, at a figure of 2.7%.

Comparatively, Wales has experienced a much welcome 1.2% property value increase of 1.2% since May 2019 and an annual price rise of 4.4%, with the average property value reaching £163,768.

In terms of repossession sales in April 2019, however, there were 561 overall sales across England with the lowest number of repossession sales having taken place in the East of England, these being 18 sales, while the greatest number of repossession sales was witnessed in the North West, these being 123 sales.

Wales, by contrast, only saw a total number of 40 repossession sales in April 2019.

Interestingly, although the average value of houses in England showed a distinct and consistent increase, of 1.8% for detached houses, 1.7% for semi-detached houses, and 1.1% for terraced houses, flats suffered a significant decline in average value, having substantially fallen by 2.7%.

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