December 7, 2016
UK House Price Index Snap Shot: August 2016
(Released October 2016)
The August 2016 house price index data showed a monthly rise of 1.3 per cent across the UK, 1.4 per cent in England and 1.3 per cent in London. Regionally, the South West region experienced the highest monthly growth at 2.3 per cent, while prices in the North East region fell at minus 0.2 per cent.
On an annual basis prices across the UK rose by 8.4 per cent, bringing the average house price to £218,964. In England the increase was 9.2 per cent and the average house price £235,573. London prices rose by 12.1 per cent making an average London home £488,908. The East of England again saw the greatest annual rise at 13.3 per cent, while the North East saw the lowest annual growth at 3 per cent. Annual price increases by property type across the UK were 9 per cent for flats and maisonettes, 8.7 per cent for terraced houses, 8.7 per cent for detached and 8.3 per cent for semi-detached. Terraced property prices rose by 7.8 per cent.
Just five local authority areas saw a fall in prices over the year, notably Hartlepool at minus 6.7 per cent. The highest annual rise was seen in South Bucks at 23.6 percent.
Completed sales for England in June 2016 totalled 57,637, a fall of minus 32.2 per cent compared to a year ago.
The average price of a new build property in England in August was £294,832, up 12.7 per cent on July and up 24.8 per cent up on a year ago. Meanwhile, resold property prices averaged at £214,029, a rise of 0.5 per cent over July and 7.3 per cent higher than the same time last year.