The latest numbers from the Land Registry show an annual increase of 3.5%, putting the average house price across the UK to £232,554. Although there is a monthly stall of 0% in value, the annual rise is an optimistic sign for homeowners and the monthly numbers will likely go up as we power into the Autumn selling season.
Average house price
Both Midlands regions are the highest performers with monthly increases at 1.1%; the West Midlands enjoying a 6.1% raise annually, only closely trailed by the East Midlands jumping 6%.
Although the monthly figures have slowed down in increases month on month, there are still encouraging signs that the market remains resilient, regardless of an unstable political climate and low stock levels in much of the nation.
To read the Land Registry’s full report, click here.
A stall in monthly growth and one that ends a positive five-month streak, but we are yet to see the meteoric downfall that many continue to prophesise despite wider market indicators proving otherwise.
We may have seen growth rates remain the same, but there are plenty of positives to take from the current landscape. Mortgage affordability still remains at a low and there are bargains to be had as a result of lower asking prices and regionally, many areas across the nation are driving double-digit price growth.
Despite the continued complications of our European exit and the negative spouting’s of those that are yet to accept the reality of it, the market has weathered a tough year and come out the other side with two fingers aloft. Hopefully, this trend will continue and return a degree of stability for the coming year.Russell Quirk