View more on these topics

ONS: House prices up 9% in past year


House prices rose 9 per cent to £292,000 in the year to March, according to the Office for National Statistics.

Growth was up from 7.6 per cent in the year to February.

Annual UK-wide growth was driven by London (13 per cent), the South East (12.2 per cent) and the East (12.1 per cent).

Excluding London and the South East, UK house prices grew 5.9 per cent over the past year.

Prices grew 10.1 per cent annually in England, 2.1 per cent in Wales and 6.4 per cent in Northern Ireland. Prices fell 6.1 per cent in Scotland over the same period.

Jeremy Leaf, a former RICS chairman and north London estate agent, says: “We might have expected the house-price increases to be higher bearing in mind the surge in activity prior to the stamp duty hike in April. However, this is likely to be the last big rise for a while as more realism enters the market, although a shortage of listings and low transaction levels may underpin house price increases in future.

“Lack of supply continues to be a huge concern and while the ONS takes some comfort from recent UK construction output figures which showed that house building was the bright spot for the industry in the first quarter, this is potentially a last hurrah as confidence is likely to dip in response to weakening activity. Those house builders who are building now made the decision to do so six months ago when demand was higher so the next quarter’s figures may be ok but the quarter after that might see a dip to reflect the current lack of activity.

“People are nervous: there are short-term concerns about the market but longer-term fears about the strength of the economy. Brexit is a bit of a smokescreen – the strength of the economy is a bigger issue. While in the suburbs and outside the centre of London the housing industry is still confident, in the centre of London where there is oversupply and a lot of cranes, they are not.’



House prices fall 0.8 per cent in April

House prices fell by 0.8 per cent between March and April, according to the latest Halifax House Price Index. The average house in April cost £212,321. House prices in the first quarter of 2016 were 1.5 per cent higher than the preceding quarter. Halifax say this was the smallest quarterly increase since 1.4 per cent […]


House prices rise 4.9% in the past year

House prices grew 4.9 per cent in the year to April, according to Nationwide. The average house price now stands at £202,436, which is up 0.2 per cent since March. Nationwide chief economist Robert Gardner says: “While UK house prices edged up 0.2 per cent during the month of April, the annual rate of house […]


Europe to lend UK £1bn for social housing

The European Investment Bank is lending the UK £1bn to build social housing. The deal for 20,000 homes has been agreed with the Housing Finance Corporation to help the housing shortage. The 30-year EIB loan will be matched by THFC and be backed by a government guarantee. More than 70 housing associations have already applied […]

Brexit and the mid cap buying opportunities

Video update from Mark Martin, Head of UK Equities, Neptune Investment Management With the Brexit referendum scheduled for 23 June, how much risk is priced into the market and is the current volatility a long-term buying opportunity? Watch Mark Martin, Head of UK Equities, and Holly Cassell, Assistant Manager on the UK Mid Cap and […]


News and expert analysis straight to your inbox

Sign up