Pete Wargent blogspot

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

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Wednesday, 19 October 2016

ONS House Price Index

UK house price index

Average house prices in the UK rose by +8.4 per cent over the year to August, according to the Office for National Statistics (ONS). 

While incontestably bullish, these figures will still comprise many sales agreed prior to the so-termed 'Brexit 'referendum (and the actual Brexit has not yet taken place anyway). 

The strength of the UK housing market is really a story of South East England's strong housing market, with the average mix-adjusted price in England as a whole up by +9.2 per cent over the year to a record £236,000.  

Average prices have recovered a bit in Northern Ireland, though remain some 45 per cent below their September 2007 peak.

Regional variances

London prices rose by another +12.1 per cent to a fresh high of £489,000.

However, the ripple effect meant that the strongest annual growth was found in London's surrounding regions of the East (+13.3 per cent) and South East (+12.2 per cent) of England. 

The worst performing city was Aberdeen where weak oil prices saw house prices fall by -8.7 per cent over the year. 

The most expensive borough in which to buy a home was Kensington & Chelsea at a cool £1.3 million, and the cheapest town...Burnley at £77,000!