House Price Growth Falls To Seven Year Low
According to the Office for National Statistics’ UK House Price Index, house prices increased by 0.7% in the year to October.
The latest figures also suggest that growth has fallen by 1% since the start of 2019 and over 7% since the referendum result in 2016.
In the year to August, volume transactions fell by 5.6% in England, 5.6% in Scotland and 3.8% in Wales.
Despite stalling growth and reducing housing stock entering the market and falling transactions, experts are optimistic about the future.
Commenting on today’s inflation figures, ONS Head of Inflation Mike Hardie said:
“The headline rate of inflation remained steady with prices rising across a variety of goods and services such as chocolate, concert tickets and package holidays, offset by falling hotel costs and cigarette prices rising substantially slower than this time last year.
“UK house price growth slowed to its lowest annual rate in over seven years, with London again providing the biggest drag, offset by growth in Northern Ireland, Wales and Yorkshire.”
Andy Sommerville, Director at Search Acumen, commented:
“Where there is growth there is life. And although we haven’t seen much in the way of house price growth, today’s statistics show life is returning to the housing market – particularly in areas outside of the Capital.
“These latest ONS statistics are from October and we expect to see an even greater uplift at the end of the quarter, particularly following the recent election. The stock market rally we have just witnessed and a majority government drawing a line under Brexit uncertainty could be the shot the housing market needs to get back to health.
“However, we must not be complacent – more of the same “wait and see” approach would jeopardise the recovery. Instead the Government and private firms needs to be forthright in their commitment to supporting smart solutions to advance the digitalisation of the property industry. Unleashing Britain’s potential needs more than fine words. It requires breaking down the barriers to data accessibility and investment.”
This article was submitted to be published Search Acumen as part of their advertising agreement with Today’s Conveyancer. The views expressed in this article are those of the submitter and not those of Today’s Conveyancer.