UK house prices soar to £233,000 average
UK house prices increased by 3.5 per cent in the year to September 2018, taking the average price to £233,000, the latest official data shows.
However, over the past two years, there has been a slowdown in house price growth, driven mainly by a slowdown in the South and East of England, according to figures published by the Office for National Statistics (ONS).
The data also shows there has been a slowdown in house price growth, driven mainly by the South and East of England.
Prices fell by 0.3 per cent over the year in London but this was up from a fall of 0.6 per cent in the year to August 2018.
On a non-seasonally adjusted basis, average house prices in the UK were unchanged between August and September, compared with a decrease of 0.4 per cent in average prices during the same period a year earlier.
House prices in England increased by 3 per cent in the year to September 2018, to an average price of £249,000.
House prices in Wales increased by 5.8 per cent over the 12 months to reach £162,000 while in Scotland the average price increased by 5.8 per cent to £153,000 and the average house price in Northern Ireland at £135,000 recorded an increase of 4.8 per cent over the year to the third quarter of 2018.
The West Midlands showed the highest annual growth, up by 6.1 per cent in the year to September 2018, followed by the East Midlands up 6 per cent while the slowest annual growth was in the South and East.
London is the region with the highest average house price at £482,000, followed by the South East and the East of England, at £328,000 and £294,000 respectively.
The lowest average price continued to be in the North East at £132,000 but it is the only English region yet to surpass its pre-economic downturn peak.
In Scotland prices fell month on month by 0.1 per cent but the annual growth of 5.8 per cent is up from 4 per cent in the year to August 2018.