House Price Growth 6 Year Low

The average property price in the UK is now £226,234, the lowest annual growth since September 2012, reported by Office for National Statistics (ONS) in their UK House price index for February 2019

It reported that UK house prices did grow by 0.6% over the year up to February this 2019, but they are down from 1.7% from January’s statistics.

Wales did see an increase of 4.1% in house prices and 4.0% in the North West. London prices were down by 3.8% and the South East prices were down by 1.8%

The Bank of England’s recent report explained the housing market is still weak with Brexit still in discussion, it has had an impact on new-build sales and builders are having to offer more incentives to get the sales through.

In a recent report by The Royal Institution of Chartered Surveyors (RICS) saw housing demand drop for the 7^th month in a row.

The UK Property Statistics reported 101,780 property transactions took place on properties over £40,000 between January 2019 and February 2019 which is 2.7% higher than last year, but property transactions fell by;

• 2.9% in England
• 8.2% in Scotland
• 5.1% in Wales
• But increased by 4.3% in Northern Ireland

Mortgage approvals also fell to 64,300 back in February just under the 65,500 reported for the previous 6 months, according to the Bank of England’s Money and Credit report.