Pete Wargent blogspot

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

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Sunday, 2 April 2017

UK house prices soften

Nationwide index softens

With all the headlines around you'd be forgiven for thinking that UK house prices are being belted by Brexit. 

Not quite, but the market is rising at a slower pace, up by 3.5 per cent over the year to notch a new high of £207,308 (with a moderate downtick recorded in seasonally adjusted terms). 

Annual growth was strongest in England (4.7 per cent), followed by Northern Ireland (3.8 per cent), then Scotland (2.9 per cent), and then Wales (1.2 per cent). 

House price growth is still stronger in the south of England than the north, and home ownership rates in the 25 to 34 age bracket have declined considerably to 56 per cent (although the strongest growth in the number of renters was in the 45 to 54 and 55 to 64 age brackets). 

I believe we are seeing similar trends in Australia too, albeit with more individuals opting to become landlords. 

Over the year London prices were 5 per cent higher at £478,782, to be 60 per cent higher than they were before the downturn in 2007.

However the fastest growing region was the Outer South East, which recorded an annual rise of 6.4 per cent.

Three regions have yet to recover to their 2007 levels: North, Yorkshire & Humberside, and the North West.