House price growth increases, but sales decline – ONS

Posted: 29/1/2017

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Average house prices in the UK increased by 6.7% in the year to November 2016 to £218,000, but sales are down, the Office for National Statistics has revealed.

While growth increased from 6.4% in October, sales volume data, only available up to September, shows that transactions fell to levels similar to 2013 at just over 80,000 in the UK.

This is down from 100,000 in the same period in 2015.

The main contribution to the increase in UK house prices came from England, where house prices increased by 7.2% over the year to November 2016, with the average price in England now £234,000.

Wales saw house prices increase by 4.1% over the last 12 months to stand at £147,000. In Scotland, the average price increased by 3.3% over the year to stand at £143,000. The average price in Northern Ireland currently stands at £124,000.

Industry commentators have said “These figures bring into sharp focus just how hardy the property market has been in the wake of Brexit.

“While annual house prices have failed to return to the lofty heights recorded during the pre-Stamp Duty rush of March, 6.5% growth at the tail-end of such a tumultuous year is far better than anyone would have expected.

“Low mortgage rates have continued to attract prospective buyers to the marke"t.

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