House prices continue to rise slowly

Thu, 17 Aug 2017

House prices continue to rise slowly
According to official figures, the average price of a UK home rose by around £2,000 to £223,000 in June.

The year-on-year rate of house price increase for the month was 4.9 per cent, a slight fall from the 5 per cent seen in May, while prices rose 0.8 per cent between May and June.

Figures provided by the Office for National Statistics (ONS) show the wild disparity in price changes across the country, with the average price of a home in London dropping £3,000 to £482,000, a stark contrast to the rise of £2,000 rise in the average price of a home in the North East, where the average price of a house is now £130,000.

The most dramatic change was seen in Orkney, where the average price of a house has risen by 28 per cent over the year to £148,000.

The analysis from the ONS is considered to be one of the most accurate ways of measuring the housing market, as it is based on real transactions compiled by the Land Registry and can give detailed information on local and regional markets.

The ONS said: "While the annual growth rate has slowed since mid-2016 it has remained broadly around 5% during 2017".

Recently, the Royal Institution of Chartered Surveyors (Rics) said that its members considered the market to be stagnating, with a slowdown spreading out of London and into other areas of the South East.
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