Pete Wargent blogspot

CEO AllenWargent Property Buyers, & WargentAdvisory (institutional). 6 x finance author.

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Thursday, 16 February 2017

UK house prices defying Brexit

Average price hits record

The average UK house price increased by 7.2 per cent in 2016, defying concerns of a Brexit-induced correction, according to the Office for National Statistics (ONS). 

The average price increased by £15,000 to a fresh high £220,000 in the calendar year. 

Not unusually, the results were rather mixed around the countries.

In England, the average price rose by 7.7 per cent to a record high of £236,000, while there were more moderate gains for Wales (4.7 per cent) and Scotland (3.5 per cent) respectively.

Prices in Northern Ireland recovered in 2016 to rise by 5.7 per cent, but at an average of just £125,000 remain way below the July 2007 bubble peak of £225,000. 

South East gains

The average price in London increased to its highest ever level at £484,000, and the capital remains the most expensive region in the United Kingdom, followed by the South East (£316,000) and East (£282,000). 

The cheapest region in England is the North East, with an average price of £129,000. 

Internal migration to the south east of the country and a dwelling shortage assured that the strongest gains in calendar year were seen in the East (11.3 per cent) and South East (8.5 per cent) of England, followed by London (7.5 per cent).

The UK employment figures showed the labour force approaching full employment towards the end of 2016, with total employed hitting a new high of 31.84 million and the employment rate of 74.6 per cent being the highest since comparable records began. 

However, reported wages growth was weaker than expected.

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