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| UK house price growth slows with London and north-east hardest hit | UK house price growth slows with London and north-east hardest hit |
| (about 10 hours later) | |
| ONS reveals average house price up £2,000 to £223,000 on previous month – but annual growth still outstrips inflation | |
| Richard Partington | |
| Tue 15 Aug 2017 13.57 BST | |
| Last modified on Mon 27 Nov 2017 18.29 GMT | |
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| Growth in UK house prices rose at a slower pace in June, yet remains close to the 5% average rate seen this year, with the slowest increases coming in London and the north-east. | Growth in UK house prices rose at a slower pace in June, yet remains close to the 5% average rate seen this year, with the slowest increases coming in London and the north-east. |
| The average UK house price rose by £2,000 in June to £223,000 compared with the previous month, almost £10,000 higher than a year ago, according to the Office for National Statistics (ONS). While the annual growth rate has slowed since the middle of last year following the vote to leave the EU, prices are still outstripping increases in inflation and wages, at 4.9% in the year to June, down from 5% in May. | The average UK house price rose by £2,000 in June to £223,000 compared with the previous month, almost £10,000 higher than a year ago, according to the Office for National Statistics (ONS). While the annual growth rate has slowed since the middle of last year following the vote to leave the EU, prices are still outstripping increases in inflation and wages, at 4.9% in the year to June, down from 5% in May. |
| London experienced a £3,000 drop in the average price of a home to £482,000 in June from the previous month, but remains the most expensive UK region in which to own a property. The value of a home in the capital increased by 2.9% against the same time last year, while the lowest average price continues to be in the north-east, at £130,000, where prices rose by 2.5% over the year. | London experienced a £3,000 drop in the average price of a home to £482,000 in June from the previous month, but remains the most expensive UK region in which to own a property. The value of a home in the capital increased by 2.9% against the same time last year, while the lowest average price continues to be in the north-east, at £130,000, where prices rose by 2.5% over the year. |
| The fastest growing part of the country for home values was the east of England, with growth of 7.2% in the year to June, followed by the east Midlands at 7.1%. | The fastest growing part of the country for home values was the east of England, with growth of 7.2% in the year to June, followed by the east Midlands at 7.1%. |
| James Tucker, the head of consumer price inflation at the ONS, said annual house price growth had slipped back “mainly due to the south and east of England, which have seen particularly pronounced slowdowns in the last year”. | James Tucker, the head of consumer price inflation at the ONS, said annual house price growth had slipped back “mainly due to the south and east of England, which have seen particularly pronounced slowdowns in the last year”. |
| Despite slower increases in the value of property, first-time buyers are still entering the market, according to data published separately on Tuesday by the trade body UK Finance. New homeowners borrowed £5.9bn in June, up 26% on the previous month and 9% on the same time a year ago. A spokesman for the organisation, which replaced the Council of Mortgage Lenders last month, said the increase reflected a tendency for homebuyers to make purchases in the spring. | Despite slower increases in the value of property, first-time buyers are still entering the market, according to data published separately on Tuesday by the trade body UK Finance. New homeowners borrowed £5.9bn in June, up 26% on the previous month and 9% on the same time a year ago. A spokesman for the organisation, which replaced the Council of Mortgage Lenders last month, said the increase reflected a tendency for homebuyers to make purchases in the spring. |
| The latest house price figures came as rail commuters braced for the steepest fare rise in five years as inflation hit 3.6% in July. The rise is set by the government and linked to last month’s retail price index (RPI) measure of inflation announced by the ONS on Tuesday. The higher fares will take effect from January. | The latest house price figures came as rail commuters braced for the steepest fare rise in five years as inflation hit 3.6% in July. The rise is set by the government and linked to last month’s retail price index (RPI) measure of inflation announced by the ONS on Tuesday. The higher fares will take effect from January. |
| In June, the most expensive borough to live in was Kensington and Chelsea in London, where the average cost of a house was £1.4m. In contrast, the cheapest area was Blaenau Gwent in south Wales, where a house cost £80,000 on average. | In June, the most expensive borough to live in was Kensington and Chelsea in London, where the average cost of a house was £1.4m. In contrast, the cheapest area was Blaenau Gwent in south Wales, where a house cost £80,000 on average. |
| The only region where house prices have still not recovered to the pre-financial crisis peak is the north-east, where they remain 6% below their September 2007 level. | The only region where house prices have still not recovered to the pre-financial crisis peak is the north-east, where they remain 6% below their September 2007 level. |
| Housing market | |
| House prices | |
| Property | |
| Real estate | |
| Office for National Statistics | |
| London | |
| news | |
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