Official figures from the Office of National Statistics (ONS) show that UK house prices have increased by 1.3% between September 2018 and September 2019.
To the uninitiated it may seem like a small figure, but with average UK house price being well over £230,000, it equates to quite a tidy sum of more than £3000. Other parts of the UK saw even bigger rises (Wales 2.6%, Scotland 2.4% and Northern Ireland 4.0%).
Although the figures have gone up, experts warn that looking solely at the bigger picture can be deceptive. They may well be justified in their caution because, despite the overall growth, the average figure was unchanged between August and September of this year and some parts of the country actually saw a decrease.
This week’s report from the ONS (available to read in full here) is also careful to avoid undue optimism. The past three years have seen predictable growth, but overall rate has been slowing after a peak of £235,000 in August.
The North West
The North West of England was the region with the highest rise in house prices over the past 12 months. Prices went up in the region by an average of 2.8% and the neighbouring areas of Yorkshire and the Humber enjoyed a similar increase of 2.2%.
London and the South East
The government report also makes it clear that despite the averages London and the South East, which some see as a barometer for the market, have bucked the trend showing a slight decrease in prices of 1.0% over the year between September 2018 and 2019. The capital is still by far the most expensive place to buy a property with an average house price of £475,000, compared to a mere £133,000 in the North East.
Looking at national statistics can be a complicated matter, and at times they can obscure the picture rather than give clarity. If you are considering listing your property or indeed looking to purchase, the best thing you can do is seek professional advice from an Estate Agent.
Petty Real is an award-winning agency with over 90 years’ experience. We are more than willing to discuss your options and give you advice regardless of whether you are a first-time buyer looking to make a first step onto the property ladder, or a long-time householder wanting to relocate. Whatever your personal circumstances, we would love to hear from you.