House prices remain stable

House prices remain stable
Average house prices in the UK have increased by 3.2% in the year to August 2018

UK house prices remain stable, according to the latest data from the Office for National Statistics.

House prices have increased by 3.2% in the year to August 2018, remaining broadly stable at a national level since April 2018.

Over the past two years UK house prices have slowed down, driven mainly by a slowdown in the south and east of England

The lowest annual growth was in London, where prices decreased by -0.2% over the year, down from 0.0% in the year to July 2018.

UK house prices

The average UK house price was £233,000 in August 2018, £7,000 higher than in August 2017 and £1,000 higher than last month.

House prices in England have increased by 2.9% in the year to August 2018, with the average price of £250,000.

House prices in Wales have increased by 6.2% over the year bringing the average asking price to £162,000.

House prices in Scotland have increased by 4.1% over the year, with the average asking price now standing at £153,000.

House prices in Northern Ireland have increased by 4.4%, taking the average property price to £133,000.

East Midlands – highest annual growth

Annual growth rates of the midlands and the north of England have remained broadly stable over the past two years with the south and east of England witnessing a sustained slowdown, increasing by 1.6% in the year to August 2018.

East Midlands showed the highest annual growth, with prices increasing by 6.5% in the year to August 2018, followed by the West Midlands (5.1%) and Yorkshire and The Humber (3.7%).

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