In England, the August data shows that, on average, house prices have risen by 0.8 per cent since July 2019. The annual price rise of 1.1 percent takes the average property value to £251,233.
The North East experienced both the greatest monthly (3.1 per cent) and annual (3.3 per cent) price rise. London saw the both most significant monthly (1.3 per cent) and annual (1.4 per cent) price fall. In Wales, on average, house prices have risen by 2.3 per cent since July 2019. An annual price rise of 4.5 per cent takes the average Welsh property value to £168,318.
The Bank of England’s Agents‘ summary of business conditions – 2019 Q3 reported that the housing market softened, reflecting a lowering of both supply and demand. Demand for lower-priced properties was more resilient.
The Bank of England’s Money and Credit release reported that mortgage approvals for house purchase decreased in August 2019 to 65,500. This is down from the previous peak seen in July 2019 of 67,000 but remained within the range seen over the past 3 years.
