Average UK house prices up by 2.2%

Average house prices in the UK increased by 2.2% over the year to November 2019, which was up from 1.3% in October 2019, new data from the Office for National Statistics (ONS) revealed.

According to the latest ONS House Price Index published by HM Land Registry for November 2019, average house prices increased by 1.7% over the year in England to £251,000, driven by the West Midlands and North-West.

Around the rest of the UK, the latest figures revealed average house prices had increased by 7.8% to £173,000 in Wales, by 3.5% in Scotland to £155,000, and by 4.0% in Northern Ireland to £140,000.

Over the past three years, the ONS suggested that there had been a general slowdown in UK house price growth, driven mainly by a slowdown in the South and East of England.

The data showed the lowest annual growth was in the East of England, where prices fell by 0.7% over the year to November 2019, and this was followed by London, where prices increased by just 0.2% over the year.

Commenting on the latest figures, Zoopla research and insight director, Richard Donnell, said: “Only one region is experiencing annual price falls, and the more affordable Midlands and the North are motoring ahead, driven by strong market fundamentals including favourable growth in wages compared to house prices.

“Our data shows that the level and coverage of markets affected by price falls in London and the South-East has moderated over the second half of 2019, despite political uncertainty. The level of price falls is at a two-year low as available supply shrinks and demand for housing starts to improve off a low base following three years of lower sales.

“The year has started optimistically as some pent-up demand returns to the market following the decisive General Election result, and we expect prices to rise by 3-4% across UK cities for 2020.”

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