UK House Prices Index for June 2017

Published / Last Updated on 15/08/2017

House prices indexUK House Prices Index for June 2017

HM Land Registry has published its latest UK House Price Index for June 2017.    In summary, house prices have risen 4.9% in a year with the average property price in the UK now at £223,257.  This is a rise of 0.8% since May 2017.

  • in England, an annual price increase of 5.2% which takes the average property value to £240,325. Monthly house prices have risen by 0.8% since May 2017
  • in Wales, an annual price increase of 3.6% which takes the average property value to £151,672. Monthly house prices have risen by 2.9% since May 2017
  • in London shows an annual price increase of 2.9% which takes the average property value to £481,556. Monthly house prices have fallen by 0.7% since May 2017

The fasting growing markets, both on a yearly and a monthly basis, are areas that we suggested to many potential property investors – i.e. the East Midlands and East Coast of England including Humberside, Grimsby and Hull.  Up 7.2% in a year and 2.2% in June 2017 alone.  If you are looking for buy to let investment, these are the areas with the greatest income yield potential.

The UK Property Transaction statistics also showed that in June 2017 the number of seasonally adjusted property transactions completed in the UK with a value of £40,000 or above increased by 1% compared with June 2016. Comparing June 2017 with May 2017, property transactions fell by 3.3%.

Price changes by Region or Country (*Northern Ireland and Scotland reports are at different periods, so we offer the last period reported on below)

  • East Midlands: 1.0 % in May, up 7.1% in a year, with an average price now of £182,166
  • East of England: 0.3% in May, up 7.2% in a year, with an average price now of £286,623
  • London: -0.7% in May, up 2.9% in a year, with an average price now of £481,556
  • North East: 1.9% in May, up 2.5% in a year, with an average price now of £130,065
  • North West: 1.9% in May, up 5.5% in a year, with an average price now of £156,392
  • South East: 0.6% in May, up 4.9% in a year, with an average price now of £320,168
  • South West: 0.7% in May, up 5.3% in a year, with an average price now of £246,159
  • West Midlands: 0.5% in May, up 4.7% in a year, with an average price now of £185,082
  • Yorkshire and the Humber: 2.2% in May, up 4.9% in a year, with an average price now of £157,762
  • Wales: 2.9% in May, up 3.6% in a year, with an average price now of £151,672

Different Reporting Standards for Scotland/Northern Ireland

  • *Northern Ireland: 3.1% in April, up 4.4% in a year, with an average price now of £128,650
  • *Scotland: 0.1% in May, up 2.8% in a year, with an average price now of £144,253

Comment

Expect the London slowdown to spread across the UK, there is usually a 6-12 month lag.

For the full report, go to https://www.gov.uk/government/collections/uk-house-price-index-reports#2017

 


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