An annual price fall of 2.7 percent in London – the largest in the country – takes the average property value to £466,824 in the capital. Average prices did rise across the UK, though slowly. The average UK house price was £230,000 in June, approximately £2,000 higher than a year ago. A 0.9 rise on the year, gives the lowest national growth rate since 2012.
In England, the East Midlands experienced the greatest annual price rise, up by 3.2 per cent. The price of an average house in England rose 0.7 per cent to £246,728. The prices of all property types in England rose between 1.1 and 1.8 per cent on the year, except for flats/maisonettes, which fell 2.7 per cent.
House prices grew fastest in Wales, increasing by 4.4 per cent in the year to June 2019. Wales shows, on average, house prices have risen by 1.2 per cent since May 2019. An annual price rise of 4.4 per cent takes the average property value to £163,768.
A Bank of England NMG survey of households’ expectations reported that households expected house prices to decline a little over the next 12 months. Around 20 per cent of households who expect to move house in the next two years reported having delayed moving due to Brexit-related uncertainty.
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