House price growth across the UK slowed down in 2017
Growth in house prices in the UK slowed down in 2017, according to the latest figures from the House Price Index.
The annual growth rate for 2017 was 4.8%, compared with 7% in 2016. On a calendar year basis, that is the lowest rise since 2013.
The figures showed a wide variation in growth rates in different regions and counties across the UK.
The sharpest drop was in the south of England, which fell from a growth rate of 9.5% in 2016 to 5.1% in 2017.
The slowdown was most evident in London. The capital city has traditionally seen the highest growth rate. However, last year saw average growth across the UK exceed that of London.
Despite this, London remains the most expensive region of the UK, with an average house price of £484,000, compared to the UK average of £227,000. The average house price in the North East is £131,000.
The region with the highest annual growth was Tendring in Essex, where prices increased by 11.8%. This increase may be due to buyers relocating to the coast following the sale of more expensive properties elsewhere.
The lowest annual growth was in Aberdeen where house prices fell by 6.1%. It’s thought this could be due to the impact of falling oil prices on the local economy.
Meanwhile, the government plans to create a new generation of town houses by making it easier to develop existing buildings.
The changes will reduce restrictions on building upwards on existing blocks of flats and houses, as well as shops and offices.
Please contact Dipak Odedra or Gurjit Dhadar if you would like help with the legal aspects buying or selling a home.