Annual house price growth continues, led by North West property market
Average house prices across the UK rose once more over the last year according to a report from the Office for National Statistics.
Data highlighted that property values increased 3.1%, 0.1% down on last year but ahead of 2013 which saw 3% increases.
The percentage rise means average prices now stand at £231,000 – a record in the UK – although growth across the board has been skewed by negative results from London which saw the only negative result in the country with values dropping 0.7%.
Across countries, England actually saw the lowest growth with 2.7%, stepping up to Wales at 4.3%, 4.4% in Northern Ireland and a 4.8% rise in Scotland.
Read more: House price growth accelerates
However, England was far and away ahead in terms of property value, standing at £245,000 compared to £157,000, £150,000 and £133,000 in Wales, Scotland and NI respectively.
In terms of property type, detached homes saw the largest increase of 4.6% whilst apartments saw just a 0.6% rise, again affected by falling prices in the capital where one in four apartment transactions take place nationally.
Shaun Church, director of Private Finance said of the data that: “House price performance remains incredibly varied across the UK. London is the only UK region experiencing falling prices, as buyers increasingly look to the commuter belt for more affordable properties.”
North West Leading Property Growth
Property prices in the North West grew fastest over the last 12 months, up 5.6% from July 2017 – 18.
Boom towns, including Manchester, Liverpool and pockets of Cheshire have continued to surpass expectations.
Manchester in particular leads on a number of property market fronts, including offering the highest yields for student landlords and seeing the smallest asking price to selling price gap in the UK where demand is matching increasing prices.
The buy-to-let market in Manchester is also booming with increased interest from national and international investors alike as attentions turn away from the south towards new boomtowns up North.
Managing director of Surrenden Invest, Jonathan Stephens noted a few months ago that: “Manchester has once more shown that it is one of the top investment destinations in the UK for buy-to-let properties.
“Investors enjoy the highest house price growth of any area of the UK, at 7.6 per cent according to the June 2018 Hometrack UK Cities House Price Index.
“The city also boasts the lowest level of price discounting in the country, which emphasises the strength and solidity of its property market.”