House prices show an annual rise but a monthly fall
Average house prices throughout the UK rose by 4.5% in the year to October but there are signs that they may be starting fall.
There was a decrease of 0.5% between September and October 2017. However, Wales bucked the trend with an increase of 0.8%.
The price of the average house in the UK is now £223,807.
The figures are compiled by HM Land Registry. They pre-date the changes in Stamp Duty announced in the Budget, and the increases in interest rates.
Price change by region for England
Region | Average price October 2017 | Annual change % since October 2016 | Monthly change % since September 2017 |
East Midlands | £184,544 | 7.0 | 0.2 |
East of England | £289,168 | 6.1 | 0.1 |
London | £481,102 | 2.1 | -0.9 |
North East | £127,224 | 2.4 | -0.1 |
North West | £154,056 | 3.9 | -2.0 |
South East | £322,311 | 4.6 | -0.5 |
South West | £251,376 | 6.7 | 0.2 |
West Midlands | £186,351 | 5.2 | -1.1 |
Yorkshire and the Humber | £155,281 | 3.3 | -1.1 |
Wales
The data for Wales shows:
- an annual price rise of 4.5% which takes the average property value to £153,316
- house prices have risen by 0.8% since September 2017.
Please contact Eugene Pritchard or Dipak Odedra if you would like advice about the legal aspects of buying or selling a home.