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London house prices slow as United Kingdom sees pick up

14 Novembre 2017

Data released by the Office for National Statistics today showed the average United Kingdom house price rose to £226,000 in September, up £11,000 on a year earlier. The lowest annual increase was recorded in London, where the average price rose by 2.5% over the 12 months to September, followed by the North East, ay 4.4%.

The North West experienced the highest rate of annual house price growth in September, at an average of 7.3%.

"Limited stock and high demand continues to drive annual house price growth, and it's only making home ownership a more exclusive club", said Duncombe.

United Kingdom homes are now worth an average of £226,000, as year-on-year growth picked up from 4.8% in August, according to the Office for National Statistics (ONS).

This brought the average United Kingdom house price to £226,000 - £11,000 higher than in September 2016 and £1,000 higher than in August.

Ishaan Malhi, chief executive of online mortgage broker, Trussle, said: "Many people expressed concern for the housing market after Brexit, but prices are 5.4% higher than they were this time past year".

In Wales, house prices have increased by 5.3% over the previous year to stand at £153,000, while in Scotland, the average price went up by 3.1% to hit £145,000.

Despite fears of a downward spiral in property prices, most experts believe the chronic under-supply of housing combined with low interest rates means a major downturn or collapse in the market is unlikely.

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"Focus will now be on whether measures to stimulate the housing market are seen through in the Chancellor's Budget this month, with a rumoured stamp duty cut for first-time buyers as well as housebuilding pledges".

On a regional basis, the largest annual growth was in the North West at 7.3 per cent for September, up from 5 per cent in August 2017. "The mortgage sector is slowly innovating to make the process of buying a home less stressful and time consuming, but, until more housing supply brings down the cost of property, homeownership will remain a pipedream for some".

He continued: "Our latest market projection, published in July, was for growth of between 3 per cent and 5 per cent in 2017 with 4 per cent as the central scenario".

John Goodall, CEO and Co-Founder of buy to let specialist Landbay, added: "House prices showed no signs of slowing down in September as they continued on in their upward climb".

In July 2017 the number of property transactions completed in the United Kingdom decreased by 15.2 per cent when compared with July 2016.

Mr Snook said: "This does point to a lack of broader market momentum and may lead to a softening in price growth as we move into 2018".

"As the Budget draws closer, we hope to see some ironclad commitments from the Government on its plan for tackling the growing demand for housing". However, last week's rate rise signalled the start of raised borrowing costs for the first time in a decade, which is likely to curtail buyer activity in the coming months.

London house prices slow as United Kingdom sees pick up