House price growth holding steady

Story posted: 18.08.17

BBC Business News reports "The average price of a home in the UK went up by nearly £2,000 to £223,000 in June, according to official figures. 

The annual rate of increase is running at 4.9%, down from 5% in May, while prices rose 0.8% between May and June. 

The Office for National Statistics (ONS) figures show the wide variation in price movements across the UK. 

In the month of June, the average price of a London home fell £3,000 to £482,000, while a house in the North East of England gained £2,000 to £130,000.

The ONS analysis of the housing market is widely followed because it is based on actual transactions compiled by the Land Registry and shows movements at a local level. 

The biggest change was in Orkney where the average price is 28% higher than a year ago at £148,000.

In the city of London, the average dropped by 20% to £724,000.

The ONS said "While the annual growth rate has slowed since mid-2016 it has remained broadly around 5% during 2017".

Last week, the Royal Institution of Chartered Surveyors said its members believed prices had stood still on average on recent months and that a slowdown was spreading from London to other parts of the South East of England."


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