Published: Wed, June 28, 2017
Medicine | By Earnest Bishop

East Anglia leads the way on house price growth

East Anglia leads the way on house price growth

The latest Nationwide Building Society index has shown that house prices in the United Kingdom have bounced back from their previous months decline with a 1.1 per cent rise in June, the highest since April 2015.

Average house prices across the United Kingdom at a record highAfter recording declines in each of the previous three months, Nationwide said June saw a 1.1 per cent, month-on-month rise, the highest since April 2015, bringing the average price across the United Kingdom to a new record of £211,301.

Nationwide warned that monthly growth rates can be volatile and said it was unclear if the latest increase reflected improved demand.

The average price of a house in the United Kingdom rose by £2,590 to £211,301.

East Anglia saw the biggest quarterly gains, with average prices up 5 per cent year-on-year, while the north witnessed the slowest growth of 1.1 per cent.

Jonathan Hopper, managing director of Garrington Property Finders, said that it would have been unthinkable for much of the past decade to predict that London would see the second slowest rate of house price growth in the country, yet that is just what is happening now. Nevertheless, when viewed in levels, the price gap between regions remains extremely wide.

However he also pointed out that London saw a "particularly marked slowdown, with annual price growth moderating to just 1.2% - the second slowest pace of the 13 United Kingdom regions".

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Growth also accelerated on an annual basis, with a 3.1% increase in June, the strongest since March. It expects prices to rise by about 2 percent in 2017 overall.

"UK house prices rebounded in June, with prices rising by 1.1% during the month, erasing the decline recorded over the previous three months".

Annual price growth in the capital dropped to 1.2% between April and June, from 5% in the previous quarter. Additionally, housing market activity is likely to be hampered by soft consumer confidence and reduced willingness to engage in major transactions. The number of mortgages approved for house purchase has slowed a little in recent months and surveyors report that new buyer enquiries have softened.

"Given the ongoing uncertainties around the U.K.'s future trading arrangements, the economic outlook remains unusually uncertain", he said.

"As the gap between the two grows to untenable levels, some would-be buyers will either give up or the market will correct itself by restricting rates of house price inflation".

"More than that, however, we also need to see incentives for home movers and last time buyers looking to downsize, so that we can get out housing market on the move". "If you want to sell at the top end of the price scale, you'll need to make sure your home is better than anything else out there, and be prepared to wait for someone that wants to pay a premium".

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