The UK house Price Index (UK HPI) published by HM Land Registry shows house prices in Britain are rising at a moderate but healthy annual rate.
The data reveals that the price of property in the UK increased at an average rate of 4.2% in the year to March 2018. The rise in property prices means the average home in the UK is now valued at £224,144.
The data shows the regional differences of house prices. The East of England has witnessed the highest annual growth with property value rising by 5.8% during the last 12 months. This was closely followed by the East Midlands, which had a rise of 5.6% in the same period.
London experienced a small dip in house prices, which decreased by 0.7% over the course of the year. The North East showed modest growth of 2.1% in the year to March 2018.
John Eastgate, marketing director at OneSavings Bank told Mortgage Strategy that the house price data shows that nothing “disastrous” is forecast for Britain’s economy and that the more moderate growth should be welcomed.
“House prices are a reflection of general levels of consumer confidence and these numbers show that whilst we’re not as confident as we were a couple of years ago, equally no one is forecasting anything disastrous for the UK economy.
“Annual house price rises in excess of 5% are arguably not sustainable, so we should welcome this more moderate figure.”
Property prices rising at a more moderate rate than we have seen in recent years could be welcome news for both sellers looking to sell their property and buyers looking to purchase a new home.
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