Mon, 29th Oct 2018
UK house prices have increased by 3.2 percent, however the London property market is sluggish, and has seen a fall of 0.2 percent. While 3.2 percent is still growth, it is the slowest rate that the UK market has seen in fve years.
The average price of a home in the UK has increased to £232,797 according to figures from the Office for National Statistics and the Land Registry. Overall, house prices have increased across the country, with the exception of London, where prices have fallen on an annual basis, down 0.2%. In spite of this fall, house prices in London are still far higher than elsewhere, with the average price being £486,304.
The East of England has also been a relatively weak area housing-wise, with growth of just 1.6%, up to an average price of £292,107. Growth has been particularly strong in London, with the price of a house increasing by 6.5% over the course of the year, up to £194,718. London has been a weak spot this year because after so many years of price increases, many buyers are simply unable to afford a home in the region. Higher stamp duty on second homes has also affected demand, and uncertainty regarding Brexit means that international buyers - usually a strong market - are also being deterred from investing in the region. Analysts believe that prices will continue to fall in the capital over the coming months, while overall prices will increase, although at a modest level.