The Government’s latest House Price Index has been released, showing monthly house price inflation in the UK.
The main points of the November 2019 update include:
- Average house prices in the UK increased by 2.2%, up by 1.3% in October 2019
- Average house prices increased in England over the year to £251,000 (1.7%)
- This annual increase in England was driven by the West Midlands and North West
- Average house prices increased in Wales to £173,000 (7.8%)
- Average house prices increased in Scotland to £155,000 (3.5%)
- Average house prices increased in Northern Ireland to £140,000 (4.0%)
- The lowest annual growth was seen specifically in the East of England (-0.7%), followed by London (0.2%)
Shaun Church, Director at Private Finance comments: “2019 was a year of gloom for property prices across London, but now with greater political certainty this downward trend could be set to be overturned.
“House prices in the capital have increased by 0.2%. While this increase is minimal, it still amounts to £950 growth for the average London home and will no doubt act as a positive sign that London will remain a hub for property investment.
“Those encouraged by this slight uplift shouldn’t delay if they’re looking to buy. There still remains many discounted properties across the capital, but if London property prices are seen to be back on the up, this window of opportunity could quickly close.”
“Beyond London, there remains pockets of real growth particularly across the home nations with Wales, Northern Ireland and Scotland all enjoying significant house price rises.”
John Goodall, CEO and Co-founder of buy-to-let specialist Landbay, said: “With UK house price growth in November bucking the traditional pre-Christmas slowdown, the beginning of 2020 is looking rather promising for the housing market. The Conservative landslide has kicked off the new year with some much-needed certainty, and even Brexit negotiations look set to turn a page in the coming months.
“As the year progresses, buyers and sellers alike are likely to feel more confident in the property market and looking forward, we expect an increase in transaction volumes. Optimistically, we may even see house price growth creep up to keep track with wage growth and inflation.”