2017 sees slowdown in house price growth
2017 saw house prices grow more slowly than the previous year according to the UK House Price Index.
As reported in the annual review released by HM Land Registry, the annual rate of growth in UK house prices stood at 4.8% last year, 2.2% lower than 2016.
On a longer term level, this is the weakest rise since 2013.
However, there was variation in the rate of growth on a regional level, with the national figure masking this to a degree.
For example, whilst the average house price in the North East was recorded at £131,000 in December, London’s average stood at £484,000.
Though prices in London seem much higher on a comparative basis against the rest of the UK, they are increasing at a much slower rate. However, the average figure for December was more than double £227,000 – the average price of a home in the UK.
Looking at UK local authorities on an annual basis, Tendring saw an average price rise of 11.8% to £212,000, the most significant increase for 2017. Corby was in second place with the average price standing at £171,000, up by 10.7%.
At the other end of the scale, the most significant fall in average price was observed in the City of Aberdeen. Here, the average house price stood at £165,000, having fallen by 6.1%. Also seeing a decrease, albeit more modest, was Aberdeenshire, with the average house price standing at £192,000, having dropped by 1.7% year on year.
The full dataset can be accessed here.