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19/09/2019

UK house price growth hits seven-year low

Words: Huw Morris

UK house prices rose at the slowest annual rate in the year to July than at any time for the past seven years, according to latest government statistics.

Growth dropped to 0.7 per cent in July, the slowest rise since 2012 and down from 1.4 per cent on the previous month, said the Office for National Statistics.

Four out of nine English regions saw house prices drop, with the biggest fall in the North East, where prices declined by 2.9 per cent over the year. This was followed by the South East, where prices fell by 2 per cent over the year. The average property price in the UK is £233,000 – a £2,000 rise over the year.

House price growth in Wales increased by 4.2 per cent in the year to July, down slightly from 4.3 per cent in June, with the average house costing £165,000. House prices in Scotland increased by 1.4 per cent in the year to July, down from 2 per cent in the year to June 2019, with the average house price standing at £154,000.

The average house price in England increased by 0.3 per cent over the year to July, down from 1.1 per cent in the year to June, with the average house costing £249,000. Northern Ireland house prices increased by 3.5 per cent and it remains the cheapest UK country in which to purchase a property, with the average house price of £137,000.

On a non-seasonally adjusted basis, average house prices in the UK increased by 0.5 per cent between June and July this year, compared with a rise of 1.2 per cent in average prices during the same period a year earlier. On a seasonally adjusted basis, average house prices in the UK decreased by 0.3 per cent between June and July this year.

The ONS UK House Price Index can be found here.

Image credit | Shutterstock 

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