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Official Figures Reveal Substantial House Price Growth in June

Figures released by the Office for National Statistics (ONS) in conjunction with the Land Registry show house prices in June continued to rise despite Brexit concerns.

Figures released by the Office for National Statistics (ONS) in conjunction with the Land Registry show house prices in June continued to rise despite Brexit concerns.

The latest House Price Index (HPI) combines data from both the ONS and the Land Registry to compose a comprehensive report on activity in the housing market in June.


Figures show a substantial 8.7% annual increase in house prices, bringing the average property value in the UK to £213,927 in June. Compared to May, house prices rose by 1.0%.


With June’s annual growth higher than the 8.5% seen in May, prices in the month of the Referendum were some £17,000 higher than they were in June 2015 and £2,100 higher than the previous month.


Regionally, England leads growth within the UK with an annual increase of 9.3% – taking the average property value to £229,000.


Wales, on the other hand, saw prices increase by 4.9% to £145,000 and Scotland saw a 4.6% annual price increase to £143,000. Finally, in Northern Ireland, the average property value was £123,000 – a 7.8% annual rise.


The highest average house value in June was seen in London once more at £472,000, followed by the South East and the East of England, with average property values of £309,000 and £270,000, respectively.


London has been superseded, however, by the East of England in terms of the highest annual growth, as prices in the area rose by 14.3% in the year to June 2016.


Growth in the capital remained high nonetheless at 12.6%, followed by the South East at 12.3%. Conversely, house prices in the North East saw the slowest pace of growth, with prices increasing by 1.5% over the year.


As the latest HPI captures only a week of market activity post Referendum, the industry expects the results of the next index, set to be released in September, to have a clearer picture of the impact of the vote on the UK's property market.

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