UK house prices rise fastest in the East, reports ONS
The UK Office for National Statistics (ONS) reported today that UK house prices have grown by 5.2 percent in the year ended July, down from 5.7 percent in June. Prices in England rose by 5.6 percent on average; Northern Ireland saw growth of 7.4 percent, Wales was up 0.3 percent, while prices Scotland fell by 1.3 percent.
The average home cost £295,000 in England, £173,000 in Wales, £154,000 in Northern Ireland and £196,000 in Scotland, the ONS said. In England, the highest average price was paid in London (£525,000) and the lowest in the North East (£156,000).
The highest rate of price growth was recorded in the East of England, where prices rose by 8.3 percent. In the South East of England, prices had increase 6.7 percent. Despite the significant rise in Northern Ireland, property values there remain 42 percent below the peak in 2007.
Notably, prices in London rose by 5.5 percent which is below the 5.6 percent English average, signalling that the time of explosive, double-digit growth is well over.
“There is very much a ripple effect – the action has moved out from prime central London to the outskirts and those commuter areas where there is better value to be had, although not as much if prices continue to rise as they have been,” Jonathan Adams, director of central London estate agency Napier Watt, said as quoted by the BBC.