UK house prices continue on an upward trajectory, with a 5.4% increase observed over the past year according to figures released by the Office for National Statistics. The average UK property now carries a valuation of £268,000.
This growth is evident across all regions, though at varying rates:
- England: Prices rose 5.3%, bringing the average to £291,640.
- Wales: A 4.1% increase resulted in an average price of £207,382.
- Scotland: Experienced a robust 5.7% rise, reaching £185,870.
- Northern Ireland: Showed the most significant growth at 9%, with homes averaging £183,259.
Within England, the North West emerged as the strongest performing region, boasting an impressive 8% annual price increase and an average property value of £212,000.
Here’s a breakdown of regional performance across England:
- East Midlands: Average house price £241,000 – 6% Annual Increase
- East of England: Average house price £338,000 – 4.2% Annual Increase
- London: Average house price £556,000 – 1.7% Annual Increase
- North East: Average house price £160,000 – 7.9% Annual Increase
- North West: Average house price £212,000 – 8% Annual Increase
- South East: Average house price £385,000 – 4.6% Annual Increase
- South West: Average house price £308,000 – 3.9% Annual Increase
- West Midlands: Average house price £247,000 – 6% Annual Increase
- Yorkshire and the Humber: Average house price £205,000 – 7.5% Annual Increase
Economists suggest that while recent activity may be partially influenced by changes to stamp duty regulations, underlying strength exists within the housing market.
“Official house prices will be boosted for at least another two months by the flurry of activity ahead of the stamp duty changes. But there is genuine strength in the housing market,” stated Senior UK economist for Pantheon Macroeconomics Elliott Jordan-Doak.
Affordability remains a key consideration, but recent reductions in mortgage pricing offer potential relief. Lower rates could stimulate both activity and transactions, benefiting not only the property sector but also the broader economy.
“Affordability remains a challenge, but with a number of lenders reducing their mortgage pricing over the past few weeks, this may continue to ease if swap rates decline and other lenders follow suit. Cheaper mortgage rates would certainly help boost activity and transactions, which are of benefit not just to the housing market but the wider economy.” commented Jason Tebb, President of property search portal OnTheMarket.
Beyond price trends, experts are also advising homeowners on strategies to expedite sales. Liv Conlon, founder of ThePropertyStagers, emphasizes the importance of preparing a home for sale effectively. According to Conlon, “depersonalising” and “decluttering” are crucial first steps.
“The first thing I would do before anything else is go through my home and depersonalise it. What I mean by that is, if there’s anything really personal to you, that’s the first thing that should be put away when showing your property.”
