According to official figures, UK house prices were on average £11,000 higher in July 2017 (standing at £226,000) compared to the same period last year
Data released by the Office for National Statistics (ONS) jointly with other bodies and reported in the Daily Mail shows that:
- property values were up by 5.1% in the year to July and the annual growth rate has remained broadly around 5% during 2017;
- property prices were also up by 1.1% month-on-month in July;
- the East Midlands experienced the highest annual house price growth at 7.5%;
- London has the slowest annual growth at 2.8%, in the 12 months to July, with London property price growth remaining below the UK average for eight months in a row.
Growth differences across the UK
The study also reveals that he main contribution to the increase in UK house prices came from England, where house prices increased by 5.4% over the year to July, reaching £243,000 on average.
- in Wales, house prices increased by 3.1% over the previous 12 months to stand at £151,000;
- in Scotland, the average price increased by 4.8% over the year to reach an average of £149,000;
- the average price in Northern Ireland stands at £129,000, an increase of 4.4% over the year.
Highest and lowest annual growth by local authority
The local authority showing the largest annual growth in the year to July 2017 was the Cotswold, where house prices surged by 16.2% to reach an average £385,000.
The lowest annual growth was recorded in City of London, where prices fell by 18.4% to stand at £744,000 typically.
The report cautioned, however, that low numbers of house sales in some areas can cause volatility in the figures.