Lowest annual house price growth since September 2012

by Property 118

14:52 PM, 18th September 2019
About 4 weeks ago

Lowest annual house price growth since September 2012

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Lowest annual house price growth since September 2012

ONS UK House Price Index: July 2019: Monthly house price inflation in the UK, calculated using data from HM Land Registry, Registers of Scotland, and Land and Property Services Northern Ireland.

Average house prices in the UK increased by 0.7% in the year to July 2019, down from 1.4% in June 2019 (Figure 1). This is the lowest annual rate since September 2012, when it was 0.4%. Over the past three years, there has been a general slowdown in UK house price growth, driven mainly by a slowdown in the south and east of England.

The lowest annual growth was in the North East, where prices fell by 2.9% over the year to July 2019. This was followed by the South East, where prices fell by 2.0% over the year.

Figure 1: House price growth in the UK has generally slowed since mid 2016

The average UK house price was £233,000 in July 2019. This is £2,000 higher than the same period a year ago (July 2018) (Figure 2). On a non-seasonally adjusted basis, average house prices in the UK increased by 0.5% between June 2019 and July 2019, compared with a rise of 1.2% in average prices during the same period a year earlier (June 2018 and July 2018). On a seasonally adjusted basis, average house prices in the UK decreased by 0.3% between June 2019 and July 2019 (series available in data downloads).

Figure 2: Average UK house prices peaked at £233,000 in July 2019

House prices in southern England (London, East of England, South East and South West) fell by 0.9% in the year to July 2019, compared with growth of 1.8% in the Midlands and 1.7% in northern England (North East, North West, and Yorkshire and The Humber) (Figure 4). While the annual growth rates of the Midlands and the north have slowed over the past three years, southern England has witnessed a sustained slowdown, with prices falling over the year in July 2019.



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