UK House Price Index: London sluggish as North West and Midlands exceed expectations

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Headlines from the latest UK House Price Index figures reveal growth across regions, including Manchester and surrounding areas, the East and West Midlands, with London remaining sluggish.

As of November 2017 the average house in the UK was valued at £226,071. This is a year-on-year growth of 5.1 per cent. The main contributor to the overall price increase in the UK was England where house prices increased by 5.3 per cent year-on-year. The average home in England is now valued at £243,000.

The fastest growth has been experienced in the West Midlands (7.2 per cent), followed by the East Midlands (6.4 per cent) and North West (6.2 per cent). London and the North East have experienced the lowest annual growth of 2.3 per cent.

“In many ways the most recently published house price data gives us cause to remain positive. Regardless of the worries following Brexit and the Bank of England’s decision to raise interest rates, the market remains stable. What is also notable is the speed in which the North West is catching up to the southern regions, as well as, of course, the growth experienced in the East and West Midlands. It can only be hoped that the rising property prices in the regions point to increasing job opportunities outside of London, as well as improving transport links and other services,” Natalie Bradley, Head Conveyancer and Senior Associate, Stephensons Solicitors LLP.

The monthly and annual UK House Price Index (UK HPI) shows house price changes for England, Scotland, Wales and Northern Ireland.