You are here: Home - Mortgages - First Time Buyer - News -

House price growth stagnant as slowdown continues

0
Written by:
13/11/2019
UK average house prices increased 1.3 per cent to £234,000 over the year to September, the Office for National Statistics (ONS) has revealed.

This represented a £3,000 rise in prices compared to the average for September last year. 

The ONS said house prices had seen a “general slowdown” in growth over the past three years, driven by the South and East of England. 

Regional breakdown 

Average house prices increased one per cent over the year in England to £251,000; in Wales prices rose 2.6 per cent to £164,000; Scotland saw a 2.4 per cent increase to £155,000 and Northern Ireland recorded a four per cent rise to £140,000. 

The North West saw the highest annual house price growth, with prices increasing by 2.8 per cent in the year to September 2019. This was followed by Yorkshire and The Humber, increasing by 2.2 per cent. 

London experienced the lowest annual growth rate over the month, dropping 0.4 per cent to £475,000, followed by the East of England which saw a decline of 0.2 per cent. 

Bounce back on the horizon? 

John Goodall, chief executive and co-founder of specialist lender Landbay, said due to political uncertainty, the market was “unlikely to see significant growth until the new year”. 

Andrew Montlake, managing director of broker firm Coreco, echoed this: “All eyes for now are on the December general election. 

“When we all wake up, somewhat ominously on Friday 13 December, we will know a lot more about the likely direction of the property market in 2020 and beyond.” 

Despite the general sentiment, Sam Mitchell, chief executive at online estate agent Housesimple, said he predicted a pre-election recovery as people got on with things.  

He said: “We’d expect to still see an autumn bounce in house prices in October and November, as well as an uplift in property listings, as home movers push to sell before the year ends.” 

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Flight cancelled or delayed? Your rights explained

With no sign of the problems in UK aviation easing over the peak summer period, many will worry whether holida...

Rail strikes: Your travel and refund rights

Thousands of railway workers will strike across three days this week, grinding much of the transport system to...

How your monthly bills could rise as the base rate reaches 1.25%

The Bank of England has raised the base rate to 1.25% as predicted – the fifth consecutive rise in just six ...

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

DIY investors: 10 common mistakes to avoid

For those without the help and experience of an adviser, here are 10 common DIY investor mistakes to avoid.

Mortgage down-valuations: Tips to avoid pulling out of a house sale

Down-valuations are on the rise. So, what does it mean for home buyers, and what can you do?

Five tips for surviving a bear market mauling

The S&P 500 has slipped into bear market territory and for UK investors, the FTSE 250 is also on the edge. Her...

Money Tips of the Week