Phone Us

House Prices Just £47 Short of Historic High in December

UK property prices reached just shy of the all-time record at the end of 2016, according to a new house price index.

UK Property Prices Near Record High

UK property prices reached just shy of the all-time record at the end of 2016, according to a new house price index.

According to the figures, published by LSL Property Services and Acadata, house prices in the UK rose to an average of £297,678 – less than £50 below the highest figure ever recorded.


December saw property values increase by 0.4% from November, with the figures rising by 3.1% year-on-year.


The challenges facing the property market in London continued, with the growth since December 2015 rising to 4.4% once the capital and the South East are removed from the figures.


London ended 2016 as the region in England and Wales with the lowest level of property price inflation, achieving just 0.2% growth over the course of the year.


However, there were dramatic differences across the boroughs, with Barking and Dagenham, the area of the capital with the cheapest average house prices, achieving 12.1% growth. Meanwhile, a decline in house prices of 11.5% was seen in the borough of Hammersmith and Fulham.


The fluctuations in the market means that areas such as the North East, Yorkshire & the Humber, and Wales, traditionally bottom of the growth tables, all outperformed the capital, with growth of 1.5%, 2.0% and 2.2% respectively.


The best performing region was once again the East of England, reaching annual growth of 7.9% in November. The South East and the West Midlands followed with property value increases of 5.2% and 4.5%, throughout 2016.


Reversing the trends seen at the start of last year, the North/South divide in the rate of growth across the UK has started subside, say Acadata. Driven by the growth of major city hubs such as Manchester and Birmingham, the firm highlighted that the North West and the West Midlands are gaining in ascendancy.


Earlier this week, tenant referencing firm HomeLet revealed that rental growth in the North is also outperforming the South, with Northern Ireland, the North East & Scotland becoming the top performers in the market.

X
Cookies on our website:
This website uses cookies.
I'm OK with this Cookie Settings ?