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House prices up 8.4% in year to August: ONS

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Average UK house prices have risen by 8.4 per cent in the year to August 2016, according to the latest ONS house price index.

The average UK house price was £219,000 in August 2016. This is £17,000 higher than in August 2015 and £3,000 higher than the previous month.

The main contribution to the increase in UK house prices came from England, where house prices increased by 9.2 per cent over the year to August 2016.

The average price in England is now £236,000.

Wales saw house prices increase by 2.7 per cent over the last 12 months to stand at £145,000.

In Scotland, the average price increased by 4.3 per cent over the year to stand at £145,000. The average price in Northern Ireland is currently £123,000.

London continues to be the region with the highest average house price at £489,000, followed by the South East and the East of England, which stand at £318,000 and £277,000 respectively.

The lowest average price continues to be in the North East at £127,000.

LendInvest director Ian Thomas says: “August was a tricky month for the housing market, with the uncertainty following the Brexit vote adding to the traditional summer slowdown.

“It has been a feature of this year that the housing market has had to deal with a succession of external factors denting demand. The conclusion of the Help to Buy scheme at the end of 2016 will be another one, which may particularly affect the sale of new-build properties.”

Trussle chief executive Ishaan Malhi says: “It’s been a rather blurred picture for house price growth since the Brexit vote, with several of the UK’s major lenders coming to very different conclusions about price movement in August.

“The latest ONS data has shed a little more light on this, reporting an 1.3 per cent rise in prices for the month, suggesting that the immediate commotion caused by the EU result has yet to put the brakes on price growth in the market.”

 

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