UK house value at lowest rate of growth since 2012

According to the UK House Price Index for July 2019, the average UK house value rose by a figure of 0.5% between June and July of 2019, reaching an average figure of £232,710, while the average UK house price also rose annually by a sum of 0.7%.

This average monthly increase is actually down from the 1.4% rate of growth which the UK housing market experienced in June, measuring at the lowest annual growth rate for the nation since the September of 2012, and can be attributed to the number of transactions on properties worth more than £40,000 having declined by 12.4% when compared to the figure from a year before.

Just in England, however, the average property value has risen between June and July 2019 by a figure of 0.5%, reaching an average figure of £248,837, whereas in Wales the average house price value over the same period experience an increase of 1.0%, achieving a figure of £165,303.

In regard to the annual rate of increase though, English property values have increased by a mere 0.3% which suffers in comparison to the almost drastic 4.2% increase in average value of Welsh properties.

By way of English regions, it should be noted that Yorkshire and the Humber witnessed the greatest monthly average price rise at a rate of 3.2% for July, placing the average house value of that month at a cost of £167,181. But, unfortunately, the most substantial average property value decline was felt in the North East with the average falling by a proportion of 2.1% and translating to a value of £127,466.

Furthermore, Yorkshire and the Humber also take the position of greatest increase by way of value, over the course of the annual period, with a rise of 1.9% while the North East has again assumed the mantle of greatest decrease in value, annually, at a figure of 2.9%.

As well as this, the greatest number of repossession sales in England, during May 2019, took place in the North West with a total of 140 sales, while the lowest number of repossession sales during the same period was experience in the East of England with just 11 of such sales. Wales also experienced 62 repossession sales during May 2019.

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

The post UK house value at lowest rate of growth since 2012 appeared first on UK Construction Online.