Average house price in London & UK revealed in new government data
The average house price in the UK is now £234,742. The UK House Price Index (HPI) as of December 2019 reveals property prices rose 0.3 per cent compared to November 2019, and increased by 2.2 per cent compared to the previous year.
And it's good news for sellers who may have delayed putting their homes on the market until the industry stabilised because house prices have risen in every region across the UK for the first time in two years, the index found.
House price growth was strongest in Northern Ireland (prices increased by 2.5 per cent over the year), while the lowest annual growth was recorded in the South East, where prices increased by 1.2 per cent over the year.
Take a look at the breakdown below...
England
The regional data indicated that the East of England experienced the greatest monthly price rise (2.1 per cent), while North West of the country saw the most significant monthly price fall of 0.6 per cent.
Elsewhere, Yorkshire and the Humber also experienced a strong price rise, with an increase of 3.9 per cent. The South East saw the lowest annual price growth, up by 1.2 per cent.
London
House prices in London have risen by 1.6 per cent since November 2019, taking the average property value up to £483,922. Back in December 2018, the price of a semi-detached house came in at £579,876. Now, the cost of the same house will set homeowners back £590,170.
Wales
For Wales, the study found that house prices have fallen by 2 per cent since November 2019. An annual price increase of 2.2 per cent takes the average property value to £165,735.
Ross Counsell, Director at Good Move, comments on the results: 'Since the Brexit vote in 2016, there has been a great deal of uncertainty in the housing market. Last year’s general election, resulting in a majority government that promised to "get Brexit done", went some way towards reassuring buyers and sellers that the industry is stable. And it seems now the UK has indeed left the European Union, confidence is continuing to return and more people are willing to sell.
'It’s remarkable that we’re seeing our first increase in all regions in two years, finally ending the north/south split that saw prices in London and the south stagnate, while northern regions saw growth. Though it has been suggested that London’s figures may have been slightly skewed by a mini-boom in sales of high-value properties, it can't be denied that demand in the capital and surrounding areas has increased, leading to higher prices.'
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