UK House Prices: How have house prices changed in your city?
The UK House Price Index Summary: August 2017 was released on 19th October and shed some light on the ever-changing property market.
What can we learn from the UK House Price Index Summary?
UK House prices have grown by 5% compared to last year, with the average UK property price reaching £225,956.
The main contribution to this increase came from England where house prices increased by 5.3% over the year. In comparison, Wales saw sold house prices increase by 3.4% and Scotland saw an increase of 3.9%.
So, what does this mean on a regional level?
The UK Property Transaction Statistics showed the largest annual growth was in the North West whereas the lowest annual growth was in London. Statistics also show that this is the 9th consecutive month where the growth in London house prices has remained below the UK average.
The area that showed the largest annual growth was Wellingborough in Northamptonshire where house prices swelled by 15.3%. The average house price now sits at a respectable £215,000 in this area.
Those searching for affordable areas should look to cities such as Hull and Sunderland where the average property prices sit at £110,420 and £117,212 respectively. For those looking to relocate further north, Glasgow’s average house price is an affordable £125,634 compared to Edinburgh’s £246,611.
More expensive areas include Brighton and Hove at £365,601 and York at £246,957. Unsurprisingly, London stands head and shoulders above the rest with an average house price of £800,802 although this has dropped 5.6% compared to the previous period.
Full data is available via the Office for National Statistics.
Planning on selling? It might be the right time for you to sell your property and relocate.