North West’s House Prices On The Rise While London’s Fall
Recent figures from the UK House Price Index (HPI) show that house prices in the North West have this year risen faster than anywhere else in the UK.
House prices in the North West have increased by 5.6% in this year up to July and, since June, have risen by a significant 3.4%. These rising prices show no sign of slowing down, either – currently, the average house in the North West costs £165,529.
House prices in London, on the other hand, have fallen by 0.7% this year up to July. That said, the capital’s house prices do remain the highest by quite a way, dwarfing the North West’s average of £165,529 with an average of £484,926.
How about the rest of the country?
Behind the North West is the North East, where the average house – as of July – will cost you £131,505. In terms of house prices falling, the East Midlands has seen the biggest decrease (outside of London) by 0.2%: the average East Midlands house now costs £188,716.
You can see a full regional breakdown below:
Region - - Average price July 2018 - - Monthly change (%) since June 2018
East Midlands - - £188,716 - - -0.2
East of England - - £294,603 - - 1.3
London - - £484,926 - - 0.6
North East - - £131,505 - - 2.6
North West - - £165,529 - - 3.4
South East - - £327,002 - - 0.4
South West - - £259,971 - - 2.4
West Midlands - - £195,447 - - 0.6
Yorkshire and the Humber - - £161,712 - - 0.4
Source: UK House Price Index
The average UK house price is on the riseMike Hardie, Head of Inflation at the ONS (Office for National Statistics) said:
“UK house prices continued to grow, but at their lowest annual rate for five years, driven again by a fall in London.”
Between June and July, the price of an average UK house rose by 0.3%, a seemingly small amount but one that is significant when you look at the bigger picture: in July of this year, the average UK house price was £231,000, around £6,000 higher than July 2017.
Are you looking to live in a commuter town?
London house prices are falling, and many in the industry put it down to more buyers looking at the commuter belt as the location for their next homes. Towns within commutable distances to London – such as Reading and Luton – are becoming more popular.
Secure your property with bridging finance
Bridging finance can be a safe and secure way of receiving the funds that you need, as soon as you need them. We can give you peace of mind in a market that is so often subject to change.
All you have to do is give us a call on 08000 44 84 84, or you can even contact a particular member of our team here – we are happy to talk through your transaction.