The ONS (Office for National Statistics) has released its June 2018 UK House Price Index report.

The report shows that the average price index rise across the UK has fallen to 3%. This is the lowest rate since August 2013.

This is due to a slowdown in growth in the South and East of England.

The report also published figures on average UK House prices for this year to June 2018.

The overall UK average house price is £228,000 - £6,000 higher than June 2017.

Semi-detached houses have increased by 44% to an average of £216,000, with flats and maisonettes (a large proportion of the London housing market) increasing, on average across the UK, to £204,000.

The highest house prices continue to be in London – an average of £447,000 with the South East at £325,000, the East £293,000 and the North West averaging £159,000.

The cheapest place to buy continues to be the North East where a property will set you back around £127,000.

These figures have been impacted by a decrease of 0.7% in annual growth in London – the lowest since 2009. The next ONS report is due this month. It will be interesting to see whether the trend continues.

If you are looking to buy a new home, or invest in property, then our Residential Property team can help with a wide range of property matters. Please contact a member of the team on 0161 941 4000 or email lawyers@myerson.co.uk for more information.

 

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