House Price Growth: July 2019
The Office for National Statistics has released the House Price data for July 2019. The published data reveals the slowest rate of growth in UK house price growth since 2012, driven mainly by a slowdown in the South and East of England.
The findings show that on an annual basis, house prices are still edging up overall. The average UK house price in July 2019 was £233,000 which is up by £2,000 compared to the same time last year. On a non-seasonally adjusted basis, this is an increase of 0.5% as compared to an increase of 1.2% a year earlier.
In England, house prices increased by 0.3% over the year to July 2019, with the average price now £249,000. Scotland saw house prices increase by 1.4% over the last 12 months to stand at £154,000. Wales was the top performer with prices increasing by 4.2% to an average of £165,000. Northern Ireland remains the cheapest place to purchase a property in, with the average house price at £137,000.
Price growth by property type
New build properties showed an annual 2% increase in price in the latest figures but those for the most recent month showed a 1% decrease in prices achieved. For existing properties, the figures were +1.2% on an annual basis and +0.4% for the latest month available.
With regards to property type, all property except flats and maisonettes showed growth in the year to July 2019; semi-detached and terraced houses had the strongest growth with both at 1.1%. Flats and maisonettes showed the weakest performance with a reduction in prices of 0.3% overall for the past year.
For more information on regional house prices read Issue 14 of our newsletter Real Estate Matters.Read Real Estate Matters Issue 14