02 Feb 02.02.2018 London property market and rise of the house prices across the UK.
02.02.2018 London property market and rise of the house prices across the UK.
According to the figures from the Office for National Statistics (ONS) and the Land Registry, an average price of a home in London increased by 2.4% from the previous year and is currently £482,000.
While London house prices remain the highest in the country, London continues to experience the slowest price growth in the UK due to a lot of buyers being restricted by affordability constraints.
House prices across the UK
The average house price in the UK as a whole was £226,000, up 5.1% owing to a strong annual growth in the other regions.
The highest house prices increase was seen in West Midlands, with the average sold price of £192,000, which is 7.2% higher than a year before. The average price in East Midlands was £185,047, with the increase of 6.4%.
The findings from a separate report from UK Finance showed a 15.4% annual rise in the number of new first-time buyer mortgages in November 2017, in less expensive areas and usually on cheaper homes. Despite the Bank of England’s decision to increase the base rate to 0.5% in November 2017 the report showed steady increases in lending to home buyers and homeowner remortgaging and the housing market activity remains viable.