House Price Index announced: CEO of When You Move, Simon Bath reacts
Following from the announcement of the latest House Price Index announced, the CEO of When You Move, Simon Bath, reacts to the information.
Top line stats:
- Average house price in the UK increased by 3.2% in the year to August 2018, down from 3.4% in July 2018 – remaining broadly stable.
- The average cost of a home in England is £250,000
- East Midlands experienced the highest annual growth with a 6.5% rise in house prices
- West Midlands follows with a 5.1% increase in house prices over the last year
- Yorkshire and Humber rank third with a 3.7% increase in house prices over the last year
- South East and East of England, along with London rank as the slowest growing regions
- London – house prices decreased by 0.2% over the year. However, it remains the most expensive region to purchase a property with an average cost of £486,000
- House price growth in England slows, Wales and Scotland experience growth
- Wales – 6.2% annual growth over the last 12 months to reach £162,000
- Scotland – average price increased by 4.1% over the year to stand at £153,000
Simon Bath, CEO of digital conveyancing platform, When You Move, commented:
“The House Price Index shows a north-south divide: housing markets in London and the South-East have slowed. London still remains the most expensive region in the country to purchase a home and therefore, the financial commitment of buying in London can be off-putting for both domestic and international investors and first-time buyers.
“Housing markets in London and the south-east have slowed: prices in London fell 0.7 per cent in the year to June, according to the ONS, coupled with transaction levels in the capital down by 20 per cent year on year. The prices are heftier, the commitment is more taxing, equally, the number of homes being placed on the market for £2m or more was down 25 per cent in the third quarter of 2018 compared with a year before.”
Kindly shared by When You Move